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NineLives

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01/07/16

13:26

Post #: 18170975
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Originally posted by Matluc1 ↑

Article in The Australian this morning about Perth brokers lobbying against the new RTO rules:

"The ASX in May stepped in to “address emerging issues” with backdoor listings, including an immediate suspension of trading in the securities of an entity when it announces a backdoor listing, which came into force from May 12.

But the group led by Mr Rigg argued the suspension was “at odds” with what happens during mergers and acquisitions, affected the ability of the market to price capital raisings post-announcement and deprived shareholders of the ability to trade.
The group says the suspension should be scrapped when no shares have been issued in the prior six months or, if they have been issued, a voluntary escrow holding period could be used. Disclosure requirements should also be beefed up.

They also urged the ASX to maintain the net tangible asset criteria at $3 million for companies in the mining and oil and gas exploration sectors looking to list, instead of the proposed increase to $5m or a market capitalisation of $20m."

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The group lead by Mr Rigg......

oh dear me. Poetry in the real world.
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