Addisons Corporate Bulletin

Welcome to Addisons’ Corporate Bulletin.

In this edition we explore, NFTs, AGMs, performance securities, a recent Takeovers Panel decision on dividend reinvestment plans, register of members access, heads of agreements and an update on retail trading of CFDs from ASIC in the following papers:

You bought a crypto WHAT? A quick guide to NFTs

People have been making money this year selling NFTs. Big money.

The hype really began when Grimes sold US$6 million worth of digital art as NFTs. Click here to read

ASIC extends deadlines for 30 June 2021 financial reports and amends ‘no action’ position for Annual General Meetings

On 23 April 2021 ASIC extended by one month the deadlines for both listed and unlisted entities with a financial year end, or ‘balance date’, of 30 June 2021 to their lodge financial reports. Click here to read

Updated Guidance on Performance Securities

On 12 March 2021, the Australian Securities Exchange (ASX) released an updated version of Guidance Note 19 Performance Securities. Click here to read

The fight over Thorn Group Limited and a lesson for directors on dividend reinvestment plans

On 19 April 2021, the Takeovers Panel published its reasons for making a declaration of unacceptable circumstances in relation to a special dividend and issue of shares under a dividend reinvestment plan by Thorn Group Limited, an ASX listed group that provides household and commercial leasing and asset finance. Click here to read

Key tips for companies facing a request to access its register of members

Understanding the rules regulating how a company must respond to requests to access its register of members is important to ensure that the company does not provide more information than is required or permitted. Click here to read

Heads Up! Does your heads of agreement commit you to more than you bargained for?

Recently, the New South Wales Court of Appeal

unanimously overturned the New South Wales Supreme Court decision that AMA Group Limited specifically perform the business sales contemplated by a binding heads of agreement. Click here to read

ASIC product intervention orders: ban on binary options for retail clients and restrictions on retail trading of CFDs

As previously reported, ASIC now has the power to intervene with financial products if they have resulted in or are likely to result in significant detriment to consumers. Click here to read

We hope you enjoy this Bulletin. If you require further information or assistance, please contact your Addisons partner or a member of the Corporate Advisory team.

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