Companies raising funds under a prospectus or other disclosure document during the Christmas and New Year period now need to factor in longer wait times before issuing new shares.

As a result of the new ASIC Instrument 2018/1034, companies that lodge a disclosure document with ASIC between 5pm on the last business day before 18 December and the first business day in the new year, must wait 14 days from the date of lodgement before issuing new shares. The waiting period for other times of year remains at 7 days (unless ASIC specifies otherwise).

Companies which do not need to prepare a disclosure document as part of their fundraising will not be affected by this change.