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  • Loan agreements with covenants relating to specific performance of the controlling shareholder (13.18)

    • 13.18

      Where an issuer (or any of its subsidiaries) enters into a loan agreement that includes a condition imposing specific performance obligations on any controlling shareholder (e.g. a requirement to maintain a specified minimum holding in the share capital of the issuer) and breach of such an obligation will cause a default in respect of loans that are significant to the issuer's operations, the issuer must announce the following information as soon as reasonably practicable:

      (1) the aggregate level of the facilities that may be affected by such breach;
      (2) the life of the facility; and
      (3) the specific performance obligation imposed on any controlling shareholder.