Call Timeline

The following timeline provides an overview of the key events for Call Payments and approximate times after announcement that these events occur. A more detailed process flow and associated requirements are provided in subsequent sections.

Call Process

The following steps describe the above process flow.

Announcement of Event

Announcement Date of the event to the market. The temporary “Call Paid” securities are created in the CSP on a deferred settlement basis.

Call Notices

The Issuer (Registry) sends Call notices to holders of partly paid securities.

Call Payments

A Call Payment is paid directly to the Issuer (Registry), outside of the CSP.

Last Trading Day

Begin Deferred Settlement Period

The 9th day before the Call Due Date is the last trading day for partly-paid LLC and NL securities. Trading from this point will be on a deferred basis for Call paid securities. The final settlement of partly-paid LLC and NL securities occurs on the 7th day before the Call Date.

Last Date of T + 2 Settlement

Cease Participant Activity and Apply Diary Adjustments (Limited Liability Companies)

The 5th day before the Call Due Date is the Record Date for for partly-paid LLC securities. Participants may apply demand transfers up to this point, but after this date the sub-register is closed for any new participant transactions. Diary adjustments are made to outstanding transactions in partly paid LLC securities and participants are notified. Diary adjustments are not applied for NL securities.

At end of day Record Date for LLC companies the CSP performs a Diary Adjustment on all outstanding transactions to adjust for the call monies due and to change the code to the call paid security. This is however not applicable for NL companies. For further information, refer to /wiki/spaces/CSP/pages/245730632. 

Despatch Date

Last date on which the Issuer (Registry) will record the issue of new securities resultant from the call payment.

The sub-register is closed on the Call Due Date for partly-paid LLC securities.

For NL securities the sub-register is closed on the record date which is 4 business days following the Call Due Date.

Once the sub-register is closed any new transactions initiated by a Controlling Participant in the partly-paid securities will be rejected.

Forfeiture (Limited Liability Companies)

After the Call Due Date, the Issuer (Registry) sends a forfeiture instruction to Participants via CSP for any partly-paid securities that are not paid up.

Suspend Settlement Instructions (No-Liability Companies)

The CSP will suspend any settlement instructions and close the sub-register of the partly-paid securities. For further information, refer to /wiki/spaces/CSP/pages/87261404.

Code Change Diary Adjustment

If the resultant Call Paid securities rank equally with an existing class of securities, the CSP will process a code change on transactions in the Call Paid security that are deferred, after the Issue Date and notifies participants of those amended transactions. For further information, refer to /wiki/spaces/CSP/pages/245730632.

Trading in New Shares

Trading on a deferred settlement basis in Call Paid securities ordinarily commences on the Call Payment due date until those securities whose Call has been paid are issued. On the First Settlement Date (T+2 following the Issue Date) of the Call Paid securities, transactions will settle in the Batch Settlement process. For further information, refer to /wiki/spaces/CSP/pages/86836695.

Archive Sub-register

On the 20th day following the Call Due Date, the sub-register is archived and the Issuer (Registry) is notified.