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Notifiable Transaction

In: Business and Management

Submitted By LaFiesta
Words 522
Pages 3
Notifiable & Connected
Transactions

Post-listing Compliance • It is costly to maintain the listing status • A company after listing has to comply with listing rules • The compliance requirement mainly involves disclosure and seeking approval from SHs

Corporate Governance • The need to protect SHs in public companies • Agency problem is more severe in public companies • SHs involvement in corporate transactions • Transactions done in the normal course of business? • Borrowing money? • Acquiring or disposing of assets? • Forming join ventures with third parties? • Different extent of SHs involvement • Being informed • Participating in decision making

Types of transactions involving SHs • Notifiable transactions • Noteworthy to SHs because of their impact to the company • Chapter 14, Listing Rules • Connected transactions • Noteworthy to SHs because of the potential conflict of interests (possibility of tunneling) • Chapter 14A, Listing Rules

Notifiable Transactions
(NT)

NT under Chapter 14 LR • General idea of NT • Transactions having a significant impact on the ListCo, mainly acquisitions & disposals (R14.01) • Not in the ordinary course of business of the ListCo (R14.04(g)) • Examples of “transaction” (R14.04): non-exhaustive • Acquisition or disposal of assets • Finance leases • Operating leases having significant impact • Providing financial assistance • Formation of joint venture

Classification of NT • See R14.06 • Share transaction • Discloseable transaction • Major transaction • Very substantial disposal (VSD) • Very substantial acquisition (VSA) • Reverse takeover (RTO)

5 size tests – percentage ratios
|Size test

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