Business
ASX sees the light on COVID capital raising rules – The Australian Financial Review
ASX has again updated its rules allowing super-sized COVID-19 share placements. But not before IOOF got away with a raising clearly against the spirit of the rules.
But this was a deal entirely about building scale. As we said at the time, its use of the class waiver went entirely against the spirit of the temporary measure.
Bewilderingly, ASX disputed that last month. It said the temporary waiver was for placements in relation to the COVID-19 health crisis and/or its economic impact or for some other purpose, and given IOOFs raising had a specific purpose (that is, it wasnt for growth capital or the like) it fitted the bill.
But the market operator has s…
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