Renewal of Trade
Companies which have not complied with the maintenance rules or trade in which has been suspended, which have taken steps that have led to an improvement in their position, can resume trading on the main list, provided they comply with TASE's maintenance rules.
Renewal of Trade after Suspension
Trade can be renewed after suspension, if the cause for suspension of trade is cancelled (as detailed in the following table) and if during the suspension period another suspension cause does not arise.
Cause for suspension of trade
The suspension cause is cancelled if:
uncertainty regarding the company's affairs
A report is published that removes the uncertainty
The appointment of a receiver / liquidator
The appointment of the receiver / liquidator is cancelled
Non-publication of financial statements
The missing financial statements has been published
1 agora cause
The company effects a reverse stock split, such that at least every 10 shares becomes one share
A call for immediate payment
The decision to call for immediate payment is cancelled and the bonds' terms are clarified
- If the renewal of trade occurs during the first three months of the suspension of trade (the first suspension period), trade is renewed on the main list or on the maintenance list (if the company does not comply with the maintenance rules).
- If renewal of trade occurs after three months of suspension, trade is renewed on the maintenance list, unless the company complies with the quantitative requirements, regarding the percentage and value of public holdings, which are the same as those required of a company applying for removal from the maintenance list.
Details of Trading Resumption Requirements
- If renewal of trade occurs 24 - 48 months from the suspension of trade in the main list, the conditions for the renewal of trade are the similar to those required from a new company.
Non-fulfilment of the conditions for the renewal of trade at the end of 48 months from the day they were ceased to be traded on the main list will ultimately result in the securities' delisting from trade on TASE.
A company that has been delisted and wishes to be re-trade on TASE is treated as a new company and must meet all conditions required from a new company.
Transfer from the Maintenance List to the Main List
- During the first 24 months from the date on which the company's shares have ceased to be traded on the main list (the "first maintenance period"), the conditions for return to the main list relate to the cause of transfer to the maintenance list. The company must comply with quantitative requirements higher than the maintenance requirement in respect of which it was transferred to the maintenance list, in order to avoid return to the maintenance list within a relative short period of time after the return to the main list.
If in the framework of the maintenance reviews performed during the first maintenance period in which the security is included on the maintenance list it emerges that the company is not complying with another maintenance requirement, for the purpose of return to the main list, the company will have to comply with the requirement set for the renewal of trade, in respect of each one of the requirements that it did not comply with.
- After 24 months have passed from the transfer to the maintenance list, the conditions for return to the main list are similar to those required from a new company.
Non-compliance with the conditions for return to the main list after 48 months will, as aforesaid, result in the securities' delisting from trade on TASE.