New JSE rules to hurt print media
Johannesburg Stock Exchange (JSE) aims to make changes to its publication rules for listed companies – a move that, if accepted, will have negative implications on financial print publications.
The group said in a statement on Friday (25 May) that it proposes amending the listings requirements as it pertains to press announcements.
“The current issuer dissemination regime requires Main Board Issuers to publish all announcements – as required by the listings requirements – via electronic medium through the Stock Exchange News Service (SENS) and to publish certain announcements in the press (newspapers) by way of a paid advertisement,” it said.
The JSE said it would look to amend the following areas:
- The announcements currently required to be in the print media, will still be required to be published in the print media but summarised as a short-form announcement;
- The full version of the announcement would have to be released on SENS and the Issuer’s website prior to the short-form announcement being published in the newspaper;
- Issuers may continue to publish full announcements in newspapers;
- Issuers would only have to publish in one newspaper of their choice; and
- The JSE will not prescribe the content of the short form announcements (save for interim reports and provisional annual financial statements) or approve short-form announcements before they are placed in the media.
The group noted that the intention is to implement the above amendments on 1 January 2013.
This move will come as a blow to print media firms already struggling to cope with the pressures of declining circulation figures and advertising revenue.
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