704

In addition to Rule 703, an issuer must immediately announce the following:

General

(1) Any change of address of the registered office of the issuer or of any office at which the Register of Members or any other register of securities of the issuer is kept.
(2) Any proposed alteration to the Memorandum of Association or Articles of Association or Constitution of the issuer.
(3) [Deleted]
(4) Any adverse opinion, disclaimer of opinion, qualified opinion or emphasis of a matter (including a material uncertainty relating to going concern) by the auditors on the financial statements of:
(a) the issuer; or
(b) any of the issuer's subsidiaries or associated companies, if the adverse opinion, disclaimer of opinion, qualified opinion or emphasis of a matter has a material impact on the issuer's consolidated accounts or the group's financial position.
(5) If an issuer has previously announced its preliminary full-year results, any material adjustments to its preliminary full-year results made subsequently by auditors.

Appointment or Cessation of Service

(6)
(a) Any appointment or cessation of service of key persons such as director, chief executive officer, chief financial officer, chief operating officer, general manager or other executive officer of equivalent authority, company secretary, registrar or auditors of the issuer. The announcement of an appointment or cessation of service of any director, chief executive officer, chief financial officer, chief operating officer, general manager or other executive officer of equivalent authority must contain the information contained in Appendix 7F or Appendix 7G, as the case may be.
(b) In the case of a cessation of service of any director, chief executive officer, chief financial officer, chief operating officer, general manager or other executive officer of equivalent authority, such persons must inform the Exchange in writing as soon as possible if he is aware of any irregularities in the issuer which would have a material impact on the group, including financial reporting.
(7) Any appointment or reappointment of a director to the audit committee. The issuer must state in the announcement whether the board considers the director to be independent. The issuer must also provide such additional disclosure as may be appropriate in the circumstances to enable its shareholders to assess the independence or otherwise of the appointed director. In the event of any retirement or resignation which renders the audit committee unable to meet the minimum number (not less than three) the issuer should endeavour to fill the vacancy within two months, but in any case not later than three months.
(8) Any appointment of a person who is a relative of a director or chief executive officer or substantial shareholder of the issuer to a managerial position in the issuer or any of its principal subsidiaries. The announcement must state the job title, duties and responsibilities of the appointee, and the information required in Rule 704(6).
(9) Any promotion of an appointee referred to in Rule 704(8).
(10) Within 60 days after each financial year, the issuer must make an announcement of each person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer as set out in Appendix 7C Part II. If there are no such persons, the issuer must make an appropriate negative statement. The Exchange may require the issuer to provide additional information on any such person, including his remuneration, any changes to his duties, responsibilities and remuneration package.
(11) Any appointment of, or change in legal representative(s) (or person(s) of equivalent authority, however described), appointed as required by any relevant law applicable to the issuer and/or any of its principal subsidiaries, with sole powers to represent, exercise rights on behalf of, and enter into binding obligations on behalf of, the issuer and/or that principal subsidiaries.
(12) For issuers with principal subsidiaries based in jurisdictions other than Singapore, any of its independent director's appointment or cessation of service from the board of these principal subsidiaries.

Appointment of Special Auditors or Additional Auditors

(13) Any appointment of a special auditor or an additional auditor. The issuer may be required by the Exchange to announce the findings of the special auditors or the additional auditors.

General Meetings

(14) The date, time and place of any general meeting. All notices convening meetings must be sent to shareholders at least 14 calendar days before the meeting (excluding the date of notice and the date of meeting). For meetings to pass special resolution(s), the notice must be sent to shareholders at least 21 calendar days before the meeting (excluding the date of notice and the date of meeting).
(15) Immediately after each general meeting and before the commencement of the pre-opening session on the market day following the general meeting, whether the resolutions put to a general meeting of an issuer were passed. The announcement shall include:
(a) Breakdown of all valid votes cast at the general meeting, in the following format:
 
Resolution number and details Total number of shares represented by votes for and against the relevant resolution For Against
Number of shares As a percentage of total number of votes for and against the resolution (%) Number of shares As a percentage of total number of votes for and against the resolution (%)
(b) Details of parties who are required to abstain from voting on any resolution(s), including the number of shares held and the individual resolution(s) on which they are required to abstain from voting; and
(c) Name of firm and/or person appointed as scrutineer.

Acquisitions and Realisations

(16) Any acquisition of:
(a) shares resulting in the issuer holding 10% or more of the total number of issued shares excluding treasury shares and subsidiary holdings of a quoted company; and
(b) except for an issuer which is a bank, finance company, securities dealing company or approved financial institution, quoted securities resulting in the issuer's aggregate cost of investment exceeding each multiple of 5% of the issuer's latest audited consolidated net tangible assets. The announcement must state:
(i) the issuer's aggregate cost of investment in quoted securities before and after the acquisition, and such amounts as a percentage of the latest audited consolidated net tangible assets of the issuer;
(ii) the total market value of its investment in quoted securities before and after the acquisition; and
(iii) the amount of any provision for diminution in value of investment in quoted securities.
An issuer should not include the issuer's holdings in its subsidiaries and associated companies listed or quoted on the Exchange or on a foreign stock exchange when computing its investment in quoted securities.
(c) [Deleted]
(d) [Deleted]
(17) Any sale of:
(a) shares resulting in the issuer holding less than 10% of the total number of issued shares excluding treasury shares and subsidiary holdings of a quoted company; and
(b) except for an issuer which is a bank, a finance company, a securities dealing company or an approved financial institution, quoted securities resulting in the issuer's aggregate cost of investment in quoted securities falling below each multiple of 5% of the issuer's latest audited consolidated net tangible assets. The announcement must contain the same information as required under Rule 704(16)(b)(i) to (iii), relating to a sale instead of an acquisition.
(c) [Deleted]
(d) [Deleted]
(18) Any acquisition or disposal of shares or other assets which is required to be announced under Chapter 10.

Winding Up, Judicial Management, etc

(19) Any application filed with a court to wind up the issuer or any of its subsidiaries, or to place the issuer or any of its subsidiaries under judicial management.
(20) The appointment of a receiver, judicial manager or liquidator of the issuer or any of its subsidiaries.
(21) [Deleted]
(22) Where Rule 704(19), (20) or (34) applies, a monthly update must be announced regarding the issuer's financial situation, including:
(a) the state of any negotiations between the issuer and its principal bankers or trustee; and
(b) the issuer's future direction, or other material development that may have a significant impact on the issuer's financial position.
If any material development occurs between the monthly updates, it must be announced immediately. No monthly updates are required for a voluntary liquidation of a dormant subsidiary by the issuer that is announced pursuant to Rule 704(20).

Announcement of Results, Dividends, etc

(23) Any recommendation or declaration of a dividend (including a bonus or special dividend, if any), the rate and amount per share and date of payment. If dividends are not taxable in the hands of shareholders, this must be stated in the announcement and in the dividend advice to shareholders. If there is a material variation in the interim or final dividend rate compared to that for the previous corresponding period, the directors must state the reasons for the variation at the time the dividend is recommended or declared. If the directors decide not to declare or recommend a dividend, this must be announced together with the reason(s) for such decision.
(24) After the end of each of the first three quarters of its financial year, half year or financial year, as the case may be, an issuer must not announce any:
(a) dividend;
(b) bonus issue or rights issue;
(c) record date;
(d) capital return; or
(e) passing of a dividend,
(f) [Deleted]
unless it is accompanied by the financial statements for the quarter, half year or financial year (as set out in Appendix 7C), as the case may be, or the financial statements (as set out in Appendix 7C) have been announced.

Record Date

(25) Any intention to fix a record date, stating the date, reason and address of the share registry at which the relevant documents will be accepted for registration. At least 5 market days of notice (excluding the date of announcement and the record date) must be given for any record date. Issuers could consider a longer notice period, where necessary. The Exchange may agree to a shorter books closure period. In fixing a record date, an issuer must ensure that the last day of trading on a cum basis falls at least 1 day after the general meeting, if a general meeting is required to be held.
(26) The issuer must not fix a record date for any purpose until at least 8 market days after the previous record date. This rule does not prohibit identical record dates for different purposes.

Sponsorship

(27) If its sponsor will cease, or ceases to sponsor it for any reason, stating the reasons and effective date of such cessation.
(28) Any confirmation made by the sponsor pursuant to Rule 228(5) upon receipt of such confirmation.
(29) The appointment of a new sponsor.

Use of Proceeds

(30) The use of the IPO proceeds and any proceeds arising from any offerings pursuant to Chapter 8 as and when such funds are materially disbursed and whether such a use is in accordance with the stated use and in accordance with the percentage allocated in the offer document or the announcement of the issuer. Where the proceeds are used for general working capital purposes, the issuer must announce a breakdown with specific details on the use of proceeds for working capital. Where there is any material deviation from the stated use of proceeds, the issuer must also announce the reasons for such deviation.

Treasury Shares and Subsidiary Holdings

(31) Any sale, transfer, cancellation and/or use of treasury shares stating the following:
(a) date of the sale, transfer, cancellation and/or use;
(b) purpose of such sale, transfer, cancellation and/or use;
(c) number of treasury shares sold, transferred, cancelled and/or used;
(d) number of treasury shares before and after such sale, transfer, cancellation and/or use;
(e) percentage of the number of treasury shares against the total number of shares outstanding in a class that is listed before and after such sale, transfer, cancellation and/or use; and
(f) value of the treasury shares if they are used for a sale or transfer, or cancelled.
(31A) Any sale, transfer, cancellation and/or use of subsidiary holdings stating the following:
(a) date of the sale, transfer, cancellation and/or use;
(b) purpose of such sale, transfer, cancellation and/or use;
(c) number of subsidiary holdings sold, transferred, cancelled and/or used;
(d) number of subsidiary holdings before and after such sale, transfer, cancellation and/or use; and
(e) percentage of the number of subsidiary holdings against the total number of shares outstanding in a class that is listed before and after such sale, transfer, cancellation and/or use.

Employee Share Option or Share Scheme

(32) Any grant of options or shares. The announcement must be made on the date of the offer and provide details of the grant, including the following:
(a) date of grant;
(b) exercise price of options granted;
(c) number of options or shares granted;
(d) market price of its securities on the date of grant;
(e) number of options or shares granted to each director and controlling shareholders (and each of their associates), if any; and
(f) validity period of the options.

Loan Agreements / Issue of Debt Securities

(33) When the issuer or any of its subsidiaries enters into a loan agreement or issues debt securities that contain a specified condition, and the breach of this specified condition will be an event of default, an enforcement event or an event that would cause acceleration of the repayment of the principal amount of the loan or debt securities, significantly affecting the operations of the issuer or results in the issuer facing a cash flow problem:
(a) the details of the specified condition; and
(b) the level of these facilities that may be affected by a breach of such specified condition.
For the purpose of Rule 704(33) and Rule 728, a "specified condition" is a condition that makes reference to the shareholding interests of any controlling shareholder of the issuer, or a restriction on any change in control of the issuer.
(34) For any loan agreement or debt securities of the issuer or any of its subsidiaries, any breach of, or occurrence of any event under the terms of, the loan agreement or debt securities if it, in the opinion of the issuer's directors, may:
(a) have a significant impact on the operations of the issuer; or
(b) result in the issuer facing a cash flow problem.

Announcements by mineral, oil and gas companies

(35)
(a) Any material changes to the reserves and resources of a mineral, oil and gas company, including:
(i) the basis upon which the issuer asserts the existence of any new material reserves or resources that has not been previously disclosed, in accordance with the requirements as set out in Practice Note 4C; and
(ii) in addition, a summary qualified person's report in respect of the reserves and resources must be announced as soon as practicable.

Where the announcement involves the reporting of new material reserves and resources that has not been previously disclosed, or a 100% change or more in reserves and resources that have been previously reported on, the summary qualified person's report must be prepared by an independent qualified person.
(b) Any change in the Standard adopted by the issuer, including the reasons for the change and the impact, if any, on its existing stated level of reserves and resources.
(c) [Deleted]

Restatement of Financial Statements Required by Regulatory Authority

(36) Any requirement by a regulatory authority to restate or re-file financial statements, indicating clearly the reasons for being required to do so.

Public Sanctions

(37) Any public reprimand or public sanction relating to non-compliance with applicable laws or regulations, including any applicable accounting standards.

Amended on 1 January 20111 January 2011, 1 February 20111 February 2011, 29 September 201129 September 2011, 29 September 201129 September 2011, 19 November 201219 November 2012, 27 September 201327 September 2013, 1 August 20151 August 2015, 31 March 201731 March 2017, 23 August 201823 August 2018, 1 January 20191 January 2019, 7 February 20207 February 2020, 7 February 20207 February 2020 and 12 February 2021.