https://www.intelligentinvestor.com.au/shares/asx-pls/pilbara-min...

First 52 Last

Share
Profile

Follow
Rupfel

10,761 Posts.

1414

27/07/21

13:17

Post #: 54806750
Share
Originally posted by Hitmuli ↑

Where a company discovers that it has breached the on-sale provisions, it should take immediate action. The action to be taken will depend on the circumstances of the company, but may include one or more of the following:

contacting the ASX to suspend trading;

contacting the relevant shareholders in receipt of those placement securities to notify them of the issue, and potentially to place those securities into escrow; and

lodging a cleansing prospectus (if one has not already been lodged).

It is also common to apply to the Court to seek declarations under s 1322(4) of the Corporations Act to remedy the breaches. Such declarations can be to the effect that:

any offer for sale, or sale, of the relevant securities during the period in which there was no disclosure for those securities, is not invalid by reason of the sellers’ failure to comply with ss 707(3) and 727(1) of the Corporations Act;

any seller of the relevant securities be relieved from any civil liability arising out of a contravention of ss 707(3) and 727(1) of the Corporations Act; or

the period in which the cleansing notice can be given is extended (such that the company is able to issue a cleansing notice after the order is made), and that the effective date of such cleansing notice is the day after the day on which the subject securities were issued.

Depending on the declaration(s) sought, the Court must satisfy itself of one or more of the following:

that the act done is essentially of a procedural nature (noting that there have been instances of the Court finding that a failure to lodge a cleansing notice was not an act procedural in nature);

the person concerned in the contravention acted honestly;

that it is just and equitable that the orders be made;

that the sellers acted honestly; and

that no substantial injustice has been or is likely to be caused to any person.

The Court may also look to surrounding circumstances, including the compliance culture of the company and how its officers acted after becoming aware of the breach. This further highlights the importance for listed companies to have a robust continuous disclosure policy in place that is faithfully implemented, and regularly reviewed.
Once the sought Court declarations are made (and where applicable, cleansing notices are lodged with the ASX) ordinary trading in the company’s securities may resume.

Expand

https://www.intelligentinvestor.com...minerals-limited/change-in-directors-interest
https://asic.gov.au/about-asic/news-centre/news-items/reminders-on-director-trading-during-covid-19/
It might be alittle more complicated with the new covid rules.
K.B. was a major seller at this time.
PLS Price at posting: $1.77 Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

Reply

Top Stories

CHM

Leukaemia patient shows complete response in Chimeric Therapeutics' latest trial

NYR

Nyrada rat study shows no genotoxicity in brain injury drug NYR-BI03

NEU

Neuren sees FDA greenlight for 3rd trial into children with Phelan-McDermid syndrome

Arika to pump $3.2M into gold exploration at WA's Yundamindra following strong maiden program

RCE

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

There are more pages in this discussion • 100 more messages in this thread...

First 52 Last

Add PLS (ASX) to my watchlist

(20min delay)
Last $3.15		Change 0.100(3.28%)		Mkt cap ! $9.516B

Open	High	Low	Value	Volume
$3.21	$3.26	$3.08	$66.64M	21.06M

Buyers (Bids)

No.	Vol.	Price($)
37	120730	$3.15

Sellers (Offers)

Price($)	Vol.	No.
$3.16	125109	43

View Market Depth

No.	Vol.	Price($)
68	197642	3.150
39	338940	3.140
47	293841	3.130
20	267352	3.120
42	185289	3.110

Price($)	Vol.	No.
3.160	102405	53
3.170	287161	41
3.180	224409	20
3.190	134224	45
3.200	293546	28

Last trade - 15.12pm 07/10/2024 (20 minute delay)

PLS (ASX) Chart

https://www.intelligentinvestor.com.au/shares/asx-pls/pilbara-min...

Leukaemia patient shows complete response in Chimeric Therapeutics' latest trial

Nyrada rat study shows no genotoxicity in brain injury drug NYR-BI03

Neuren sees FDA greenlight for 3rd trial into children with Phelan-McDermid syndrome

Arika to pump $3.2M into gold exploration at WA's Yundamindra following strong maiden program

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

https://www.intelligentinvestor.com.au/shares/asx-pls/pilbara-min...

Top Stories

Leukaemia patient shows complete response in Chimeric Therapeutics' latest trial

Nyrada rat study shows no genotoxicity in brain injury drug NYR-BI03

Neuren sees FDA greenlight for 3rd trial into children with Phelan-McDermid syndrome

Arika to pump $3.2M into gold exploration at WA's Yundamindra following strong maiden program

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News