ASIC announces additional month to file financials and two months to hold AGMs

Corporate News - 28 April 2021

On 23 April 2021 the Australian Securities and Investments Commission (ASIC) announced a one-month extension to filing deadlines for listed and unlisted entities with balance dates from 23 June to 7 July 2021 (inclusive).  In addition, ASIC has adopted a ‘no action’ position to allow public companies with year ends up to 7 July 2021 to hold their annual general meetings (AGMs) within seven months of year-end (instead of within five months of year-end) to accommodate the additional time for distributing financial reports to members.

In relying on the extensions, ASIC reminds directors to consider the information needs of shareholders and other users of their financial reports, as well as meeting borrowing covenants or other obligations.  ASX listed entities will also need to inform the market if seeking to rely on the extended lodgement period and include their reasons for doing so.
ASIC has clarified that the financial deadline filing extensions are not available to entities with balance dates from 8 January 2021 to 22 June 2021. Deadlines for ASX listed entities to provide preliminary final reports also remain unchanged as such reports can be unaudited.
As mentioned previously, clients seeking to hold their AGM late should also bear in mind potential issues with prior Listing Rule 7.1A approvals lapsing and the company’s ability to raise capital being affected.
Clients with queries on filing deadlines or holding AGMs this year can contact us in our Perth office on +61 8 9321 4000 or our Melbourne office on +61 3 9111 9400 for more information.

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