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Telephone 1300 368 448 or (02) 9411 1505 | Fax (02) 9411 6663 | Email share@asa.asn.au | Web www.asa.asn.au
MEDIA RELEASE
6 April 2009
ASA welcomes move by Minister to protect investors in partly paid
securities
The ASA welcomes an announcement today by Senator Sherry, Minister from Superannuation and
Corporate Law that he will approve changes to the ASX Listing Rules aimed at protecting
prospective investors in partly paid securities.
ASA CEO Stuart Wilson says, “The recent chaos caused by the partly paid units of Brisbane toll road
trust, BrisConnections, has highlighted the lack of warning provided to investors in partly paid
securities. Investors in BrisConnections bought the units when they were listed at the lowest possible
price on the exchange. Many investors bought thinking the price could not go any lower, only to
find they had a liability of a further $2 per unit. “
Mr Wilson “The changes will not help the many desperate BrisConnections unitholders who brought
their units without knowing of the liability. Many of these unitholders’ now face the loss of all of their
assets including their houses and the prospect of bankruptcy.”
Commenting on the changes Mr Wilson said, “The ASA have asked ASIC to ensure investors are
forewarned about the liability attached to these securities. We’re pleased that the proposed
changes will provide better protection for future investors in these products.”
FOR FURTHER INFORMATION:
Stuart Wilson
Chief Executive Officer
Phone: 1300 368 448
Mobile: 0421 705 251
ABOUT THE AUSTRALIAN SHAREHOLDERS' ASSOCIATION
The Australian Shareholders’ Association (ASA), a not-for-profit organisation, has been protecting and
advancing the rights of shareholders in Australian listed companies since 1960. With a focus on good company
performance and governance, the ASA has been successful in raising the standard of corporate behaviour in
Australia. Our extensive network of experienced company monitors review company performance and
governance issues, analyse financial statements, raise concerns and vote at annual general meetings and
report all of their insights to members. Shareholders can nominate the ASA to vote on their behalf at company
meetings. The ASA also provides access to value for money, independent education seminars and workshops,
regular meeting and discussion groups and a monthly magazine, Equity.
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