Ann: Trading Halt, page-13

When would back-to-back trading halts be granted?

The new Guidance Note confirms our experience that back-to-back trading halts are less commonly granted.

It says that the "exceptional" circumstances required for a back-to-back halt for issues of securities have only been granted where the issue:

• is significant in the context of the entity’s issued capital;
• is essentially pro rata to all holders (eg. an accelerated offering conducted in two stages, such as a Jumbo, AREO or SAREO offer); and
• involves the use of a book build process and requires a halt in trading of more than two, but not more than four, trading days to be implemented.

This reluctance to grant halts of more than two days is, in ASX's view, due to the availability of voluntary suspensions.