The Johannesburg Stock Exchange (JSE) has publicly reprimanded AngloGold Ashanti for breaching its listings requirements. The company failed to release its second-quarter and six-month results, along with its dividend declaration, on the Stock Exchange News Service (Sens) at the same time as it was released through other channels on August 1, 2025. This breach occurred despite the JSE's requirements for secondary-listed companies to make such disclosures simultaneously.
AngloGold Ashanti, primarily listed on the New York Stock Exchange (NYSE) and secondarily listed on the JSE, initially released the information at 12:07 pm South African time through Businesswire. The company then published it on its website at 12:10 pm and distributed it via Bloomberg. The information was filed with the US Securities and Exchange Commission at 12:22 pm. However, it only appeared on Sens at 12:34 pm, 27 minutes after its initial release.
Under the JSE's listings requirements at the time, companies with a secondary listing were mandated to release information on Sens simultaneously with its release on another exchange. The requirements have since been revised as part of a project to simplify the rules, with the new requirements taking effect for existing listed companies on February 16, 2026. These new rules still emphasize the importance of publishing relevant information on Sens at the same time as it is released on another exchange, where reasonably possible.
The JSE's investigation found that AngloGold Ashanti had proceeded on the basis that it could not make simultaneous disclosures on the two exchanges. However, the exchange's findings indicated that achieving this was reasonably achievable. Consequently, AngloGold Ashanti was found in breach of paragraph 18.21(b) of the JSE's requirements, which stipulates the need for simultaneous disclosure on Sens and other exchanges.
The JSE emphasized that the requirement for simultaneous disclosure is intended to ensure that investors receive price-sensitive information at the same time, regardless of where they access the company's announcements. The information in question, including AngloGold Ashanti's financial results and dividend declaration, had the potential to materially affect the company's share price. Releasing such information on one platform before another could create a risk that some investors receive it before others and potentially trade on information not yet available to the wider market.
The JSE's decision to publicly censure AngloGold Ashanti reflects the importance it places on fair and transparent disclosure practices. The exchange noted that no fine or other penalty was imposed on the company. This decision aligns with the JSE's role in maintaining the integrity of the market and ensuring that all investors have equal access to price-sensitive information.
The incident highlights the critical nature of compliance with listing requirements for companies listed on the JSE. AngloGold Ashanti's breach and subsequent reprimand serve as a reminder to all listed companies of the necessity of adhering to these requirements. The JSE continues to monitor and enforce compliance with its listings requirements to maintain a fair and transparent market environment.
Key points
- The JSE publicly reprimanded AngloGold Ashanti for failing to release its Q2 results and dividend declaration on Sens simultaneously with other channels.
- AngloGold Ashanti was found in breach of paragraph 18.21(b) of the JSE's listings requirements.
- The JSE emphasized the importance of simultaneous disclosure to ensure fair access to price-sensitive information.
