The Australian Securities and Investments Commission (ASIC) has put directors, lead managers and corporate advisers of mining and exploration companies on notice of concerns regarding the multi-faceted role that lead managers and other promoters may play in the IPO process.
The mining and exploration industry represents over 25% of all ASX-listed entities. It accounted for more than 35% of all initial public offers (IPOs) during 2018 and, as at 1 August 2019, had a combined market capitalisation of over A$300 billion. Drawing upon their compulsory information-gathering powers, ASIC undertook a detailed review of a “sample” of 17 mining IPOs, occurring between 1 October 2016 and 30 September 2018, focusing on transactions raising less than A$20 million.
Read the full article. https://corrs.com.au/insights/asic-puts-directors-lead-managers-and-corporate-advisers-of-mining-and-exploration-companies-on-notice
