GEN - General - Consultation process on proposed changes to Listings

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.                                                                  
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               
alwynf@jse.co.za.                                                               
25 May 2012                                                                     
Date: 25/05/2012 08:00:04 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.