Note to subscribers for the amendments to the rules governing the listing of securities on the Growth Enterprise Market (the "GEM Listing Rules")
Update No. 33
Acceleration of rights issues
We enclose reprinted pages of the Listing Rules. The reprinted pages incorporate amendments to shorten the minimum notice period for book closure in respect of rights issues from 14 calendar days to six business days and codify the requirements where the issuer decides on a record date without book closure.
A new note has been added to the rule 17.78 to require, in the case of a rights issue, the issuer to provide at least two trading days (during neither of which trading is interrupted) for trading cum-rights securities before book closure. The amendments implement the proposals in the "Consultation Conclusions on Proposals to Accelerate Rights Issues and Open Offers" published in December this year.
We also enclose the filing instructions.
Coming into effect
The amendments will come into effect on 1 February 2010.
Please click HERE to see the amended Rules.
For and on behalf of
The Stock Exchange of Hong Kong Limited
Head of Listing