Prescribed events which require immediate announcement

9.17

A winding-up petition is served on the subsidiary of a listed issuer. However, the winding-up petition has no financial or operational impact on the listed issuer and the listed issuer forms the view that there is no merit to the winding-up petition. Is the listed issuer still required to make an immediate announcement of the winding-up petition?

Yes. Pursuant to paragraph 9.19(19) of the Main LR, a listed issuer must make an immediate announcement of any commencement of winding-up proceedings against the listed issuer or any of its subsidiaries or major associated companies irrespective of whether -

the winding-up has financial or operational impact on the listed issuer;

the listed issuer is contesting the winding-up petition or forms the view that there is no merit to the winding-up petition; or

the listed issuer is in negotiation with the petitioner to arrive at a settlement arrangement.