ASIC Provides Relief For Companies Planning For IPO | ASX Market Update

August 27, 2020 06:10 PM AEST | By Team Kalkine Media

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After public consultation, ASIC has issued regulatory relief to help lessen red tape for businesses taking up an initial public offer (IPO). Seeing the significant costs involved in undertaking an IPO, the new legislative relief shall reduce the regulatory costs for companies considering going public and shall also maintain an orderly and transparent market. ASIC Corporations (Amendment) Instrument 2020/721 also updated on the amendment related to ASIC Class Order to facilitate voluntary escrow arrangements under an IPO.

Nine Entertainment has warned dented advertising markets caused by the COVID-19 downturn have significantly impacted Australia’s commercial media industry. Releasing its 2020 financial year results, Nine posted a statutory loss of $590 million, largely from writedowns in the value of the company’s goodwill. Its profit after tax from continuing operations dropped 17 per cent to $155.9 million. Nine’s group earnings for the 2020 financial year dropped 16 per cent, or $69.2 million, to $354.6 million. Earnings in its broadcast division fell 35 per cent. Group revenue dipped 7 per cent, or 170.2 million, to $2.17 billion, while the company’s net debt position stood at $291 million on June 30.

Afterpay Limited (ASX:APT) posted strong underlying sales and revenue growth matched by strong margin performance in FY20. Global underlying sales soared by 112% to $11.1 billion with a run rate of $15 billion per annum. Group’s total income rose by 97% on pcp to $519.2 million driven by strong 8 performance of the Afterpay business. Active customers more than doubled in FY20 to 9.9 million with addition of 20.5k new customers per day in Q4FY20. Afterpay also laid out plans to expand into Canada in August and explore opportunities in select Asian markets in FY21.

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