Date Published: 7 April 2020
The SGX RegCo has just announced today (7 April 2020) that there will be an automatic 60 day extension for all issuers with financial year (FY) ending on or before 31 March 2020 to hold their annual general meetings (AGMs). For issuers with FY ended 31 Dec 2019, the deadline to hold AGMs is now automatically extended to 29 June 2020. However, issuers are required to issue their annual reports at least 14 days before the date of the AGM, and issuers with FY ended 31 Dec 2019 must still issue their annual reports by 15 April 2020.
Issuers will need to notify SGX RegCo of, and announce via SGXNet the following:
- their relevant FY-end and the indicative timeline to convene their AGM; and
- 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).
For more details, please refer to the announcement made by SGX: https://www.sgx.com/media-centre/20200407-sgx-regco-grants-automatic-60-day-extension-issuers-hold-agms
In addition, SGX RegCo has also issued FAQs on the holding of AGMs: https://api2.sgx.com/sites/default/files/2020-04/20200402%20FAQs-General-Meeting.pdf
In particular, the following will be of interest to many issuers:
SGX is providing grant of S$5,000 per issuer to help defray the additional costs of organising AGMs in light of the measures introduced by MOH. This ‘AGM Facilitation Grant’ will cover all AGM-related expenses incurred between 16 March 2020 and 15 March 2021, such as augmenting physical AGMs with video conferencing, additional logistics such as on-site temperature taking or pre-AGM shareholder communication, amongst others. To apply, listed companies are requested to complete the AGM Facilitation Grant Application Form and submit to SGXCorporateCoverage@sgx.com
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
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’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.
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.