Australian Securities Exchange temporary emergency capital raising relief comes to an end on 30 November 2020

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In our previous article, “Australian Securities Exchange extends temporary capital raising relief until 30 November 2020”, we discussed that the period in which Australian listed entities would be able to take advantage of the Australian Securities Exchange’s (ASX) temporary emergency capital raising relief would end on 30 November 2020.

After consultation with the Australian Securities and Investments Commission and certain industry stakeholders, ASX has confirmed that there is no need for a further extension of the temporary emergency capital raising measures. This means that ASX’s temporary emergency capital raising measures, including the 2 + 2 capital raising trading halts, will expire on 30 November 2020.

For an ASX listed entity contemplating using the temporary emergency capital raising relief, an announcement to the market must be made on or before 30 November 2020 under the class waivers referred to in our alert “Further changes to the Australian Securities Exchange temporary emergency capital raising relief”.

A listed entity must also give written notice to ASX (not for release to the market) about the proposed capital raising and ASX must acknowledge that the entity is entitled to the benefit of the relevant waiver prior to making the market announcement.

We recommend that a listed entity wishing to take advantage of the temporary emergency capital raising relief before the end of November should approach ASX as soon as possible and, in any event, well before 30 November 2020.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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