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Singapore Exchange Regulation Proposes Restructuring Process Rule Changes for Financially Distressed Listed Companies Including Removing Need for Shareholders to Vote on Major Disposal of Assets by Judicial Management or Liquidation to Allow Faster Realisation of Assets, Changes Will Increase Chances of White Knight Rescues & Trading Resumptions, Increase Value to Shareholders Without Further Depleting Finances
24th February 2024 | Hong Kong
The Singapore Exchange Regulation (SGX RegCo) is proposing restructuring process rule changes for financially distressed listed companies including removing the need for shareholders to vote on major disposal of assets by judicial management or liquidation to allow faster realisation of assets. The proposed changes will increase chances of white knight rescues & trading resumptions, and increase value to shareholders without further depleting finances of the listed company. SGX RegCo: “Singapore Exchange Regulation (SGX RegCo) is proposing rule changes aimed at facilitating the restructuring process for SGX-listed companies under Singapore’s Insolvency, Restructuring and Dissolution Act 2018 (IRDA). In summary, the changes, if implemented, will enable issuers to restructure more efficiently and lessen the regulatory burden when they are trying to manage their financial affairs and meet time-sensitive milestones. For instance, SGX RegCo is proposing that shareholders need not vote on a major disposal undertaken as part of judicial management or liquidation of the issuer under IRDA. This will align our rules with IRDA, as well as allow for the quicker realisation of assets. SGX RegCo also proposes to, among others: 1) provide guidance to issuers on circumstances where a financially distressed issuer can apply to SGX RegCo to allow its listed securities to continue or resume trading, 2) require an immediate announcement when a financially distressed issuer or any of its subsidiaries undergo a court-supervised moratorium, 3) exclude a financially distressed company under moratorium pursuant to IRDA from announcing its quarterly financial statements. The public consultation is open till 22 March 2024 and can be found here.” More info below:
“ Singapore Exchange Regulation Proposes Restructuring Process Rule Changes for Financially Distressed Listed Companies Including Removing Need for Shareholders to Vote on Major Disposal of Assets by Judicial Management or Liquidation to Allow Faster Realisation of Assets, Changes Will Increase Chances of White Knight Rescues & Trading Resumptions, Increase Value to Shareholders Without Further Depleting Finances “
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Tan Boon Gin, CEO of SGX RegCo: “IRDA aims to smoothen and speed up the restructuring of financially distressed companies. This may increase the chances of white knight rescues and trading resumptions. These outcomes, if they materialise, will be of more value to shareholders than years of proceedings that will further deplete distressed companies’ scarce finances.”
Singapore Exchange Regulation Proposes Restructuring Process Rule Changes for Financially Distressed Listed Companies Including Removing Need for Shareholders to Vote on Major Disposal of Assets by Judicial Management or Liquidation to Allow Faster Realisation of Assets, Changes Will Increase Chances of White Knight Rescues & Trading Resumptions, Increase Value to Shareholders Without Further Depleting Finances
23rd February 2024 – Singapore Exchange Regulation (SGX RegCo) is proposing rule changes aimed at facilitating the restructuring process for SGX-listed companies under Singapore’s Insolvency, Restructuring and Dissolution Act 2018 (IRDA).
In summary, the changes, if implemented, will enable issuers to restructure more efficiently and lessen the regulatory burden when they are trying to manage their financial affairs and meet time-sensitive milestones. For instance, SGX RegCo is proposing that shareholders need not vote on a major disposal undertaken as part of judicial management or liquidation of the issuer under IRDA. This will align our rules with IRDA, as well as allow for the quicker realisation of assets.
SGX RegCo also proposes to, among others:
- provide guidance to issuers on circumstances where a financially distressed issuer can apply to SGX RegCo to allow its listed securities to continue or resume trading.
- require an immediate announcement when a financially distressed issuer or any of its subsidiaries undergo a court-supervised moratorium.
- exclude a financially distressed company under moratorium pursuant to IRDA from announcing its quarterly financial statements.
The public consultation is open till 22 March 2024 and can be found here.
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