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Guy Sanderson

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The Australian Securities Exchange (ASX) has amended its Listing Rules to implement changes to its admission requirements which took effect from 19 December 2016. Key changes are: increasing the requirement for profit test entities to have consolidated profits for the 12 months prior to admission from A$400,000 to A$500,000 amending the requirements to satisfy the assets test by increasing: the net tangible assets (NTA) requirement from A$3 million to A$4 million; or the market capitalisation…

Break fees limited to 1 per cent of the equity value of a company that is a takeover target may be putting businesses at risk of not being able to access rescue funding for example, from the US high-yield debt market. Where a board of directors of an ASX-listed company has conducted a lengthy and transparent process in circumstances where their company’s financial position is deteriorating, and the lender requires a market break fee to…