ANZ has lost its appeal of a landmark decision finding it breached continuous disclosure rules by failing to disclose a $750 million bailout by underwriters during a $2.5 billion capital raising.
Challenging a ruling that it breached its continuous disclosure obligations, ANZ has argued on appeal that it did not need to inform the ASX of a bailout by the underwriters of a 2015 institutional share placement because the information didnāt go to the fundamental value of its shares.
ANZ will appeal a ruling that it breached its continuous disclosure obligations when it failed to inform the ASX of a bailout by the underwriters of a 2015 institutional share placement.
ANZ’s failure to disclose a bailout by banks underwriting a $2.5 billion share placement has resulted in a penalty of less than $1 million, ending an eight-year saga that included an aborted criminal trial.
A judge has found that ANZ breached continuous disclosure rules by failing to disclose a $750 million bailout by underwriters Deutsche Bank, Citigroup and JP Morgan during its $2.5 billion equity capital raising in August 2015.
Two executives involved in ANZās $2.5 billion equity capital raising have stood by arguments that the book was covered when the bankās underwriters took up $750 million of the shares, despite ASICās allegations of āreceding demandā on the day of the placement.
ANZ has told a court it had no obligation to disclose a $750M bailout by the underwriters of a $2.5B equity capital raising in 2015, in ASIC’s case alleging the bank breached its continuous disclosure obligations by failing to alert the market to the bailout.
A senior ANZ executive was ādeeply concernedā by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASICās civil penalty case against the bank over alleged disclosure breaches.
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