Prescribed events which require immediate announcement
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;
the listed issuer is in negotiation with the
petitioner to arrive at a settlement arrangement.