Corporate Finance Update March 2016
Fundraising • 39.8% increase in lodgements in Prospectus July-Dec, compared to Jan-June lodgement • 349 prospectuses lodged IPO • 86 IPO’s lodged July-Dec Prospectuses • 60 IPO’s lodged in Jan-June ISO’s and • 25 interim stop orders FSO’s • 8 final stop orders 2
Fundraising Financial Information Offer Surveillances information statements Concerns, Crowd Backdoor trends and sourced equity listings actions funding Emerging Foreign market Simple exempt issuers Corporate listings Bond offer 3
Fundraising policy initiatives Disclosure relief for foreign securities Sunsetting Historical Ch 6D class financial orders information 4
Mergers and Acquisitions • Increase in the number of bidder’s statements • Increase in scheme explanatory statements • Increase in the use of scrip acquisitions 5
Mergers and Acquisitions Use of ‘acceptable Attorney Independent compulsory circumstances’ appointment Expert powers declaration provisions Reports Recent Unsolicited Certainty in issues and offers offers actions Enforcement Enforcement Target action action Contraventions shareholder of s606 The Richfield statements International President’s 6 Club
Mergers and Acquisitions Sunsetting of class orders Broker FIRB handling fees New developments Takeovers Reverse Panel takeover bids GN 14 Takeovers Panel GN 23 7
Corporate Governance Observations - Related party approval notices Enforcement action - Voting by poll vs show of hands - Risk disclosure in the OFR Recent ASIC activities Employee incentive schemes Cyber security - Update to Class Orders - Promotion of cyber resilience 8
Other developments • $1.8b share buy- backs • Corporate Plan • Enforcement action • Innovation Hub • Financial reporting 9
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