GEN - Proposed Changes To Section 20 Of The JSE Listings Requirements For Debt
JSE
GEN
GEN - Proposed Changes To Section 20 Of The JSE Listings Requirements For Debt
Securities
JSE Limited
Proposed changes to Section 20 of the JSE Listings Requirements for Debt
Securities
The JSE Limited ("JSE") introduced Listings Requirements for debt securities
(Section 20) in June 2007 in order to facilitate the listing of various debt
instruments including bonds. The JSE has since received much interest from
various parties (including legal advisers to bond issuers, issuers and
arrangers) to list further debt instruments. These parties have requested the
JSE to amend Section 20 to reflect common practices in the debt capital market
and to provide clarity on certain matters.
The salient proposed changes are as follows:
A minimum of two directors may sign all documentation submitted to the JSE for
approval. Currently all directors of the issuers are required to sign this
documentation.
The minimum issue size of R 50 million has been removed.
Financial information regarding just the guarantor is required where the issue
is guaranteed. At the moment the JSE requires financial information for both the
guarantor and the issuer. This financial information may either be included in
the placing document or incorporated by reference.
The requirement for disclosure relating to share capital, prospects and
directors` declarations has been removed.
Additional requirements relating to changes to existing debt securities and dual
listings have been introduced.
The proposed requirements are available on the JSE website www.jse.co.za and all
interested parties are invited to submit their comments in writing before 28
August 2008 to Diboko Ledwaba:
dibokol@jse.co.za
FAX: 011 520 7551
07 August 2008
Date: 07/08/2008 11:50:01 Produced by the JSE SENS Department.
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