Short selling ban update

ASIC has updated the position relating to short selling:

1. In relation to covered short selling of financial stocks, the position remains as set out in ASIC’s advisory AD08-210 of 13 November 2008, that the ban will remain in place until the 27 January, 2009.

2. In relation to naked short selling, from 8 January 2009 the Corporations Amendment (Short Selling) Act 2008 bans naked short selling except that exemptions currently in the Corporations Regulations continue to apply. This is confirmed in ASIC Class Order [CO 09/01051]