SGX enhances SGXNet templates to foster greater transparency in the marketplace

SGX enhances SGXNet templates to foster greater transparency in the marketplace

17/12/09

Singapore Exchange Limited (“SGX”) today introduced changes to SGXNet Announcement Templates as part of its ongoing efforts in fostering a transparent and well-informed marketplace. This is to assist investors in retrieving information crucial to their investment decisions and to increase the level of disclosure by issuers. These changes, which will be effective 10 January 2010, comprise four new information categories and revisions to two existing announcement categories.

The new SGXNet Announcement Templates are:-

  • Regulatory Actions by SGX and Other Authorities

This template is introduced to help keep investors better informed of regulatory actions taken by SGX and/or other authorities against an issuer, its directors or key management. These could include any investigations, disciplinary decisions, reprimands and other related issues pertaining to the affairs of the issuer. Issuers should also use this template to provide updates and announce the outcome of these regulatory actions.

  • Responses to SGX Queries

For ease of monitoring companies’ disclosure and compliance with listing rules, issuers will use this template to disclose clarifications in response to SGX queries. The queries may pertain to financial statements, annual reports, media reports and other announcements.

  • Change in Capital

The objective of this new template is to provide investors with easier retrieval of announcements. The template enables issuers to better categorise capital-raising exercises and highlight any additional listing of shares. This announcement template will be used to announce all changes in capital arising from (1) corporate actions under Chapter 8 of the Listing Manual such as rights issue, bonus issue, placement, issue of convertible securities, and share consolidation and subdivision and (2) sale, transfer, cancellation and use of treasury shares and grant of share options pursuant to Mainboard Listing Rules 704(26) & (27) and Catalist Rules 704(29) & (30).

Issuers should also use this template to disclose all related announcements such as approval-in-principle received from SGX-ST, use of proceeds, adjustment to conversion price, lodgement and despatch of the offering circular, etc.

  • Meeting Schedule

With the new template, issuers will find it more convenient to announce details of their annual general meetings (“AGMs”). It will also make it easier for shareholders and investors to search for scheduled meetings. Details of the AGMs submitted via the template will appear on the AGM Schedules web page under the SGX Marketplace website.

 

The following existing SGXNet Announcement Templates are re-categorised accordingly:-

  • Financial Statement and Related Announcement

The template “Financial Statement and Dividend Announcement” is revised to “Financial Statement and Related Announcement” to allow issuers to disclose related announcements pertaining to the financials of the company. Such related announcements include presentation slides, press releases on results, profit guidance, auditors’ comments on accounts, notification of results release, discrepancies between unaudited accounts and audited accounts etc.

  • Acquisitions & Disposals

The template “Announcement of Acquisitions & Realisations of Assets” will be re-named “Acquisitions and Disposals”.

Issuers will be able to highlight to shareholders whether the acquisitions and disposals are interested person transactions under Chapter 9 of the Listing Manual, non-mandatory disclosure, discloseable, major transactions, very substantial acquisitions or reverse takeovers under Chapter 10 of the Listing Manual or changes in company’s interest in quoted securities, associated companies or subsidiaries under Chapter 7 of the Listing Manual. Issuers should also use this template for announcements related to acquisitions and disposals such as approval-in-principle obtained from SGX-ST, completion of acquisitions and disposals etc.

 

Any announcement that is inappropriately categorised will have to be re-filed under the appropriate template.