Others – Default in Payment
Does a listed issuer have to make an immediate
announcement when its 49% associated company defaults in payment of either
interest or principal sums but the associated company’s bankers do not issue
any notices/demand letter?
Pursuant to paragraph 9.19A(1)(b) of the Main LR, any such default in
payments (as envisaged in the loan/credit facility agreement) including by an
associated company of a listed issuer which is material (i.e. vis-à-vis the
group) would require immediate announcement irrespective of whether a notice or
demand has been issued by the bankers.