A summary of the relief measures announced in the media release are as follows:
- Extension of time to issue financial reports
Similarly, an issuer listed on
- PN17/GN3 Suspended Criteria
a. the criteria on shareholders' equity in paragraph 2.1(a) of PN17/GN3;
b. material uncertainty relating to going concern and auditors' qualification on going concern in paragraph 2.1(e) of PN17/paragraph 2.1(g) of GN3;
c. default in payment in paragraph 2.1(f) of PN17/paragraph 2.1(h) of GN3; and
d. in the case of an issuer listed on the ACE Market, the criteria on losses set out in paragraphs 2.1(b) and 2.1(c) of GN3.
a. immediately announce that it has triggered the PN17/GN3 Suspended Criteria; and
b. upon the expiry of 18 months from its announcement of the triggering of the PN17/GN3 Suspended Criteria, re-assess its condition and announce whether it continues to trigger any of the criteria in PN17/GN3, and if affirmative, it will henceforth be classified as a PN17/GN3 issuer and be required to comply with all obligations under the MMLR/ACE LR that arise from the triggering of any PN17/GN3 criteria.
- Issuers with insignificant business or operations
An issuer listed on the Main Market or the ACE Market that triggers the 'insignificant business or operations' criterion ("8.04A(2)(b)/8.03A(2)(b) Suspended Criterion") between
a. immediately announce that it has triggered the 8.04A(2)(b)/8.03A(2)(b) Suspended Criterion; and
b. upon the expiry of the 12-month period from the announcement of the triggering event, re-assess its condition and announce whether it continues to trigger the 8.04A(2)(b)/8.03A(2)(b) Suspended Criterion, and if affirmative, it must henceforth comply with all obligations under the MMLR/ACE LR that arise from the triggering event.
If an issuer which has triggered a PN17/GN3 Suspended Criteria or the 8.04A(2)(b)/8.03A(2)(b) Suspended Criterion subsequently triggers a non-PN17/GN3 Suspended Criteria or the criterion on suspension or cessation of all or major business or operations set out in Paragraph 8.04A(2)(a)/ 8.03A(2)(a) of the MMLR/ACE LR within the applicable re-assessment period (i.e. 18 months or 12 months, as the case may be), the issuer must:
a. announce that it has triggered the relevant criteria and where applicable, it will be classified as a PN17/GN3 listed issuer; and
b. comply with all obligations under Paragraph 8.04 and PN17 or Paragraph 8.03A, as applicable, of the MMLR or Rule 8.04 and GN3 or Rule 8.03A, as applicable, of the ACE LR, from the date of the announcement.
The extension of time for the issuance of periodic reports will be welcomed by all listed issuers.
Issuers having financial issues or inadequate levels of operations will welcome the extension of time to regularise their affairs. However, it remains to be seen whether the extension of time will be effective in assisting affected issuers to resolve their affairs so as to avoid suspension and delisting.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Mr
SKRINE
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