The Australian Securities & Investments Commission (ASIC) has restricted Keybridge Capital Limited and Yowie Group Limited from issuing reduced-content prospectuses for 12 months after both companies failed to lodge required financial, directors’ and auditors’ reports on time. Until 6 August 2026, the companies cannot rely on the reduced-content disclosure rules in section 713 of the Corporations Act 2001 and must instead issue a full prospectus if they wish to raise funds from retail investors or meet disclosure requirements for other purposes, including takeover bids where shares are offered as consideration. The restriction is based on each company’s failure to lodge half-year reports for the period ended 31 December 2024 within 75 days; ASIC noted it can prevent reliance on these rules where a listed company breaches continuous disclosure or financial reporting obligations. Keybridge and Yowie Group may seek review of ASIC’s decision in the Administrative Appeals Tribunal.
Australian Securities & Investments Commission 2025-08-28
Australian Securities & Investments Commission bars Keybridge and Yowie Group from using reduced-content prospectuses for 12 months over late financial reporting
The Australian Securities & Investments Commission (ASIC) has prohibited Keybridge Capital Limited and Yowie Group Limited from issuing reduced-content prospectuses for 12 months due to their failure to timely lodge required financial, directors’, and auditors’ reports. Until 6 August 2026, both companies must issue a full prospectus to raise funds from retail investors or meet other disclosure requirements. This restriction follows their breach of continuous disclosure and financial reporting obligations, and they may seek a review of ASIC’s decision in the Administrative Appeals Tribunal.