12.2
If a listed corporation obtains an authorisation from its shareholders to purchase its own shares in year 2009 but did not renew the said authorisation in year 2010, can it still issue a Share Buy-back Statement to its shareholders to seek their authorisation for the purchase of its own shares in year 2011?
No, under paragraph 12.06 of the Main LR, listed corporations are only allowed to issue a Share Buy-back Statement to renew an existing authorisation. If the listed corporation does not renew the said authorisation in year 2010, it will lapse. As such, in year 2011, there will not be an existing authorisation and the listed corporation will have to issue a circular to procure its shareholder approval for the purchase of its own shares.