Whole Section

  • Part X Listing Application for Additional Equity Securities

    • 864

      In considering an application for listing of additional equity securities the Exchange takes into account, among other factors, the following:—

      (1) Rationale for the issue;
      (2) Whether the issuer is and has been in compliance with the listing rules;
      (3) Whether the issuer has made full disclosure of the material facts relating to the issue necessary for the Exchange to decide on the application. The purpose of the information supplied to the Exchange is for the Exchange to assess whether the shares qualify for listing. Approval for listing of the additional shares is not an indication of the merits of the transaction; and
      (4) The Exchange must be notified immediately if, before the commencement of dealing in any equity securities which are the subject of an application, the issuer becomes aware that:—
      (a) There has been a significant change affecting any matter contained in the application; or
      (b) A significant new matter has arisen, which would have been required to be included in the application if it had arisen before the application was submitted.

      For the purpose of this rule, "significant" means significant for the purpose of making an assessment of the activities, assets and liabilities, financial position, management and prospects of the group, and of its profits and losses and of the rights attaching to the securities.

    • 865

      The Exchange has absolute discretion concerning approval of an application. The Exchange may approve such application unconditionally or subject to condition(s), or may reject such application, as it thinks appropriate. Such conditions may include shareholder approval and/or abstention from voting by certain shareholders. The Exchange also reserves the right to vary any such condition(s) or impose additional conditions.

    • 866

      An issuer must not issue, or authorise its registrars to issue or register, additional shares of a listed class until after it has been notified by the Exchange that they have been approved for listing.

    • 867

      Each director must accept responsibility for the information in the application.

    • 868

      If an application is submitted by or through a financial adviser or professional body, such financial adviser or professional body must ensure that the application has been prepared after due care and enquiry.