The company I work for, Liberty Resources Limited, is listed on the Australian Stock Exchange (ASX) and a major part of my role is to coordinate company announcements. This was primarily to ensure that the announcements clearly communicate the company’s key messages and that the technical information was presented in a way that the ‘every-day investor’ could understand.
Writing an ASX announcement is very different to a media release. All statements that Liberty makes in an ASX announcement, particularly if when referring to the value of the coal resource, must comply with a JORC (Joint Ore Reserves Committee) reporting code. There are three key principles governing the operation and application of the JORC Code 1
1. Transparency: The information in the announcement must be clear and not misleading
2. Materiality: Requires the information to be relevant so that investors can judge the value of the resources
3. Competence: The statement must be based on work that is suitably qualified by a ‘competent person’ who is subject to an enforceable professional code of ethics.
There are so many elements to coordinate when preparing an announcement. The process involves at least five people at Liberty that need to review the announcement for a particular reason. I took on the role of managing this process to ensure it was efficient as possible. For this I developed a step by step process so that everyone was fully aware of their role and how it fit with the overall procedure.
I also implemented an ASX preparation document to be completed when the announcement is initiated. This document includes the date of initiation, anticipated release date, and a list of key messages and stakeholders. This document was very effective in ensuring simple management of the process.
As my last day at Liberty is this Friday, I handed this management task to Liberty’s Chief Financial Officer (CFO). I’m handing most of my tasks to the Communications Officer, however this procedure is so important and requires someone who has extensive experience with ASX announcements and corporate compliance.
I’ve found that ASX-listed companies work very differently to a privately-owned one. Everything that you do has to be in the best interest of the company’s shareholders. ASX announcements are a key part of communication with potential and existing shareholders.
Click here to read the latest ASX Announcement that I prepared for Liberty. I would be interested to hear other students’ views on the difference between an ASX announcement and a media release.
Reference: 1 (2004) Appendix 5A. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) ww.asx.com.au/ListingRules/appendices/App5a.doc
Writing an ASX announcement is very different to a media release. All statements that Liberty makes in an ASX announcement, particularly if when referring to the value of the coal resource, must comply with a JORC (Joint Ore Reserves Committee) reporting code. There are three key principles governing the operation and application of the JORC Code 1
1. Transparency: The information in the announcement must be clear and not misleading
2. Materiality: Requires the information to be relevant so that investors can judge the value of the resources
3. Competence: The statement must be based on work that is suitably qualified by a ‘competent person’ who is subject to an enforceable professional code of ethics.
There are so many elements to coordinate when preparing an announcement. The process involves at least five people at Liberty that need to review the announcement for a particular reason. I took on the role of managing this process to ensure it was efficient as possible. For this I developed a step by step process so that everyone was fully aware of their role and how it fit with the overall procedure.
I also implemented an ASX preparation document to be completed when the announcement is initiated. This document includes the date of initiation, anticipated release date, and a list of key messages and stakeholders. This document was very effective in ensuring simple management of the process.
As my last day at Liberty is this Friday, I handed this management task to Liberty’s Chief Financial Officer (CFO). I’m handing most of my tasks to the Communications Officer, however this procedure is so important and requires someone who has extensive experience with ASX announcements and corporate compliance.
I’ve found that ASX-listed companies work very differently to a privately-owned one. Everything that you do has to be in the best interest of the company’s shareholders. ASX announcements are a key part of communication with potential and existing shareholders.
Click here to read the latest ASX Announcement that I prepared for Liberty. I would be interested to hear other students’ views on the difference between an ASX announcement and a media release.
Reference: 1 (2004) Appendix 5A. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) ww.asx.com.au/ListingRules/appendices/App5a.doc
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