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ASX extends emergency capital raising relief

  • Posted on Thursday 30th, July 2020.

The Australian Securities Exchange (ASX) has extended temporary emergency capital raising measures to help listed entities affected by Covid-19 to raise urgently needed capital.

The measures included protections for retail investors. These measures were due to expire on 31 July 2020.

ASX has decided to extend its temporary emergency capital raising measures until 30 November 2020.

The decision, according to ASX, was made in light of the high and increasing levels of Covid-19 infections in major overseas
markets, recent events in Victoria, and the present uncertainty about the nature and level of government economic stimulus in Australia after September 2020.

"The new date takes account of ASIC’s extension of the deadline for listed companies to lodge their audited accounts for the year ended 30 June 2020 until 31 October 2020," ASX said in a statement.

"It gives companies a further month to complete a capital raising, if they decide they need one, after publishing their audited accounts by the revised deadline."

As of 30 June 2020, almost 60 ASX-listed entities used the temporary emergency measures to raise capital while more than a dozen others were denied access to the relief as they "did not conform to the spirit and intent of the class waivers".

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