Regulatory bodies extends online dissemination of rights issue and take-over documents

The temporary measure will continue to be in place until revoked or amended.

The Monetary Authority of Singapore (MAS), the Securities Industry Council (SIC) and the Singapore Exchange Regulation (SGX RegCo) is extending the option to electronically disseminate Offer Documents through publication on SGXNET and their corporate websites, beyond 30 June.

In a joint statement, the regulatory bodies said that listed issuers and parties involved in rights issues and take-over or merger transactions will continue to have the option to electronically disseminate these documents through official online channels.

The temporary measure will be in place until revoked or amended by MAS, SIC and SGX RegCo. Additionally, at least six months advance notice will be given before the temporary measure ceases to be available.

“With the extension, rights issues and take-over or merger transactions can proceed within prevailing safe management measures, effectively reducing physical interaction at workplaces needed to prepare, print and deliver a large number of Offer Documents amid the COVID-19 situation. This extension is aligned to the extension of the alternative meeting arrangements under the COVID-19 (Temporary Measures) Act 2020,” the press release said.

Under the temporary measure, issuers and parties who opt to disseminate their Offer Documents electronically must send a hardcopy notification to shareholders with instructions on how they can access the electronic version of the Offer Documents. They must also send the hardcopy application or acceptance forms to shareholders. The regulatory bodies said these requirements will ensure that all shareholders continue to be informed of these significant corporate actions by mail during this time and are able to participate in the corporate actions.

“In addition, we strongly encourage parties undertaking rights issues or take-over or merger transactions to allow shareholders to apply and pay for the subscription of rights issues, accept offers and inspect documents through the internet. Shareholders are encouraged to use the internet channels where these are available,” they added.

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