Extension of time to hold annual general meetings (“AGMs”) and issue annual reports for listed companies

CNPupdate

 

Extension of time to hold annual general meetings (“AGMs”) and issue annual reports for listed companies


A photo of Singapore SGX Centre



Date Published: 13 April 2020 


Authors and Contributors: Tan Min-LiJennifer Lo and Timothy Tan.



 

The SGX RegCo announced on 7 April 2020 that it will automatically extend by 60 days the deadline for all issuers with financial year-end on or before 31 March 2020 to hold their AGMs.

Issuers whose financial year end is on 31 December 2019 will need to issue their annual report by 15 April 2020. However, other issuers may issue their annual report at least 14 days before the AGM date.

In this regard, please note the following table:

Issuers whose financial year end is on 31 December 2019 will need to issue their annual report by 15 April 2020

*Note: Issuers with 31 December 2019 FY-end will still need to issue their annual reports by 15 April 2020. This is consistent with current requirements as set out in SGX RegCo’s 27 February 2020 regulatory announcement.  

 

Although the time extension is automatic, issuers are required to notify SGX RegCo by email to automaticagmwaivers@sgx.com of, and announce via SGXNet, the following:

  1. their relevant FY-end and the indicative timeline to convene their AGM; and
  1. the Board of Directors’ confirmation that the time extension will not be in contravention of any laws and regulations governing the issuer and its constitution (or the equivalent in the issuer’s country of incorporation).

 

ACRA: Extension of time to hold AGMs and file annual returns for all companies

For companies whose AGMs are due during the period 16 April 2020 to 31 July 2020

ACRA has also announced that it will grant an extension of 60 days for all companies (listed and unlisted) whose AGMs are due during the period of 16 April 2020 to 31 July 2020. This automatic extension also applies to companies who had previously been granted an extension of time to hold their AGMs within this period.

ACRA also announced that the annual return filing due dates for the period 1 May 2020 to 31 August 2020 for all companies (listed and unlisted) will also be extended by 60 days.

No application for extension of time with ACRA is needed for these extensions.

 

For companies whose AGMs are due during the period 1 to 15 April 2020

ACRA also announced that companies whose AGMs are due during the period 1 April to 15 April 2020 may hold their AGM within 60 days of the due date without any penalty.

ACRA also announced that annual filing due dates will also be extended by 60 days.

Similarly, no application for extension of time with ACRA is required.

Please see the following table for the applicable extensions of time:

Original Due Date/ Extended Due Date previously granted for AGM

 

We are here to help

We understand that this may be a challenging time for you and your businesses. If you have any queries about the above changes will affect you and your companies, we will be more than happy to address them. Please feel free to contact Ms Tan Min-Li or Ms Jennifer Lo.


Disclaimer: This update is provided to you for general information and should not be relied upon as legal advice.

 

CNPLaw’s Corporate Finance and Capital Markets Lawyers

Tan Min Li legal Partner at CNPLaw LLP image
Partner

Min-Li’s principal areas of expertise are in corporate and financial services. For 2018 and 2019, she was recognised as Singapore’s Top 100 private practice lawyers by Asia Business Law Journal. She is also rated as “Highly Regarded” and ranked as a “Distinguished Practitioner” for Capital Markets by IFLR1000 and Asialaw Leading Lawyers respectively for 2020.




Jennifer Lo Senior Legal Associate at CNPLaw LLP
Senior Associate

Jennifer’s main areas of practice are corporate finance, debt and equity capital markets and general corporate advisory. Jennifer has been involved in initial public offerings and listings on both The Singapore Exchange Security Trading Limited and The Stock Exchange of Hong Kong Limited.




Timothy Tan Associate at CNPLaw
Associate

    Timothy is an associate in the Corporate Finance practice group. His main areas of practice include corporate finance, equity capital markets, and general corporate advisory. He has been involved in preparing commercial agreements and general corporate contracts.


    Having handled transactions for numerous local and foreign companies across Asia, extending across a wide range of businesses and industries, we have accumulated significant experience advising on an extensive range of corporate finance transactions.



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