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JSE
GEN
GEN - General - Consultation process on proposed changes to Listings
Requirements in relation to Press Announcements
Paragraph 3.46 - 3.48 deals with the publication of announcements in the
press.
The current Issuer dissemination regime requires Main Board Issuers to
publish all announcements as required by the Listings Requirements via
electronic medium through the Stock Exchange News Service ("SENS") and to
publish certain announcements in the press (newspapers) by way of a paid
advertisement.
We have considered the effects of paragraph 3.46 of the Listings Requirements
in light of the current environment of releasing information through
electronic medium such as SENS and the company`s website.
We propose amending the Listings Requirements as it pertains to press
announcements in the following areas:
1. The announcements currently required to be in the print media, will
still be required to be published in the print media but summarised
as a short-form announcement;
2. The full version of the announcement would have to be released on
SENS and the Issuer`s website prior to the short-form announcement
being published in the newspaper;
3. Issuers may continue to publish full announcements in newspapers;
4. Issuers would only have to publish in one newspaper of their
choice; and
5. The JSE will not prescribe the content of the short form
announcements (save for interim reports and provisional annual
financial statements) or approve short-form announcements before
they are placed in the media.
The following information must be included in the short-form announcements
relating to interim reports and provisional annual financial statements in
the press:
- Increases/decreases in revenue/operating profit compared to the
financial results for a previous corresponding period;
- Increases/decreases in headline earnings per share compared to the
financial results for a previous corresponding period;
- Increases/decreases in earnings per share compared to the financial
results for a previous corresponding period;
- Increases/decreases in the dividend/distribution compared to the
financial results for a previous corresponding period; and
- Increases/decreases in net asset value compared to the financial
results for a previous corresponding period (only if more relevant
because of the nature of the Issuers business).
The intention is to implement the above amendments on 1 January 2013.
The proposed Listings Requirements are available on the JSE`s website and
interested parties are invited to submit their comments by no later than
Friday, 29 June 2012. Comments can be submitted electronically to
alwynf@jse.co.za.
25 May 2012
Date: 25/05/2012 08:00:04 Produced by the JSE SENS Department.
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