| Tom Bloomfield and Anita Das
In this update we look at a template Corporate Calendar and identify key strategic and statutory considerations for Listed Investment Companies (LIC) in the lead up to the start of the next financial year. LICs have specific reporting obligations imposed by the ASX however discretionary market practice dominates disclosure. A proforma corporate calendar is provided at the end of this update.
LICs have standard events (Member Meetings, Financial Reporting & Monthly Reporting) which should form part of their corporate calendar. Non-standard events such as potential dividend payments and the expiry of options should also be factored into an LICs calendar. With upcoming key events known, board and committee meetings should be scheduled to consider these.
The base statutory reporting obligations imposed on the Company include:
|Monthly NTA Announcement||due within 14 days of the end of the month|
|Appendix 4E (Preliminary Full Year Report)||due within 2 months from the end of the financial year|
|Final Full Year Financial Report||due within 3 months from the end of the financial year|
|Annual General Meeting||to be held within 5 months from the end of the financial year|
|ASX Results Announcement||due following the AGM|
|Appendix 4D (Half Year Report)||due within 2 months from the end of the half year|
|Dividend Declaration||Online lodgement through the ASX Market Announcement Platform.|
Consider applicable ex, record and payment dates and additional disclosure based on the type of dividend declared.
Allow 4 to 6 weeks.
|Expiry of Listed Options||Mailout required to be completed between 20 to 30 days from the expiry of the options.|
Consider whether a waiver needs to be applied for if options are not ‘in the money’.
|Share buyback||Refer to past LIC Governance Update.|
Discretionary reporting includes:
|Discretionary Reporting||Market Practice|
|Monthly NTA Estimates||On or near the 1st of every month|
|Presentations & Updates||Quarterly|
A template Corporate Calendar is available here.
The calendar assumes:
Please note that the calendar is a guide only and does not consider the specific compliance obligations that an individual LIC may have.
This update is prepared by the Company Secretarial Team at Boardroom Pty Limited. The update is designed to provide general information and is not designed to replace legal or tax advice or a detailed review of the subject matter nor is it intended to cover all circumstances.
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