GEN - General - Consultation process on proposed changes to Listings

Requirements in relation to Press Announcements

Paragraph 3.46 - 3.48 deals with the publication of announcements in the press.  

The current Issuer dissemination regime requires Main Board Issuers to publish all announcements as required by the Listings Requirements via electronic medium through the Stock Exchange News Service ("SENS") and to publish certain announcements in the press (newspapers) by way of a paid advertisement (see full proposal here).  

We have considered the effects of paragraph 3.46 of the Listings Requirements in light of the current environment of releasing information through electronic medium such as SENS and the company`s website.

We propose amending the Listings Requirements as it pertains to press announcements in the following areas:

1. The announcements currently required to be in the print media, will still be required to be published in the print media but summarised as a short-form announcement;

2. The full version of the announcement would have to be released on SENS and the Issuer`s website prior to the short-form announcement being published in the newspaper;

3. Issuers may continue to publish full announcements in newspapers;

4. Issuers would only have to publish in one newspaper of their choice; and

5. The JSE will not prescribe the content of the short form announcements (save for interim reports and provisional annual financial statements) or approve short-form announcements before they are placed in the media.

The following information must be included in the short-form announcements relating to interim reports and provisional annual financial statements in the press:  

• Increases/decreases in revenue/operating profit compared to the financial results for a previous corresponding period;
• Increases/decreases in headline earnings per share compared to the financial results for a previous corresponding period;
• Increases/decreases in earnings per share compared to the financial results for a previous corresponding period;
• Increases/decreases in the dividend/distribution compared to the financial results for a previous corresponding period; and
• Increases/decreases in net asset value compared to the financial results for a previous corresponding period (only if more relevant because of the nature of the Issuers business).

The intention is to implement the above amendments on 1 January 2013.

The proposed Listings Requirements are available on the JSE`s website and interested parties are invited to submit their comments by no later than Friday, 29 June 2012. Comments can be submitted electronically to [email protected].

Statement issued by the JSE through the SENS Service, May 25 2012

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