Prescribed events which require immediate announcement
9.15
A winding-up petition is served on the subsidiary of a listed corporation. However, the winding-up petition has no financial or operational impact on the listed corporation and the listed corporation forms the view that there is no merit to the winding-up petition. Is the listed corporation still required to make an immediate announcement of the windingup petition?
Yes. Pursuant to Rule 9.19(20) of the ACE LR, a listed corporation must make an immediate announcement of any commencement of winding-up proceedings against the listed corporation or any of its subsidiaries or major associated companies irrespective of whether –
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the winding-up has financial or operational impact on the listed corporation;
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the listed corporation is contesting the winding-up petition or forms the view that there is no merit to the winding-up petition; or
the listed corporation is in negotiation with the petitioner to arrive at a settlement arrangement.