By Scott Murdoch SYDNEY (Reuters) -The Australian Securities Exchange (ASX) is considering allowing dual-class shares to be listed for the first time as the exchange operator and corporate regulator try to revive the nation’s lacklustre listings market, according to an ASX executive. ASX’s group executive of listings, Blair Beaton, said dual-class shares had not been […]
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Australia to consider allowing dual-class share listings, exchange executive says
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By Scott Murdoch
SYDNEY (Reuters) -The Australian Securities Exchange (ASX) is considering allowing dual-class shares to be listed for the first time as the exchange operator and corporate regulator try to revive the nation’s lacklustre listings market, according to an ASX executive.
ASX’s group executive of listings, Blair Beaton, said dual-class shares had not been allowed in Australia previously which was placing the domestic market at a disadvantage compared to its major global rivals.
Dual-class shares are common in the U.S., and London’s Financial Conduct Authority (FCA) has recently implemented changes to allow more dual-class listings.
“The ASX is the only major exchange that does not allow dual-class shares and there’s a range of views on this topic,” Beaton told Reuters in an interview on Wednesday.
“Some investors won’t necessarily like it. Others will tell you that if an Australian company goes overseas because you can’t do it here, if that company is a good company they will buy those shares on another exchange.
“We want the ASX to be the most attractive listing venue in the region and one that is globally competitive so it’s a useful time to start a discussion on this concept.”
(Reporting by Scott Murdoch; Editing by Christopher Cushing and Muralikumar Anantharaman)