- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
BACKGROUND Chapter 8 of the Mainboard Rules and Catalist Rules sets out the rules that issuers need to comply with when conducting a rights issue, including the information that needs to be disclosed in an announcement, the procedures for applying to Singapore Exchange Regulation (“SGX RegCo”), the documents to the submitted in the application and how excess rights shares should be allotted. SGX RegCo has on 15 December 2023 detailed their expectations of issuers when allotting excess rights shares.
Issuers should disclose if there are directors or substantial shareholders who intend to or have provided undertakings to subscribe for their rights entitlements.
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.