JSE censures AngloGold Ashanti over delayed Sens earnings disclosure
· Citizen
The Johannesburg Stock Exchange (JSE) has issued a public censure against primary New York Stock Exchange (NYSE)-listed gold miner AngloGold Ashanti plc for breaching its listings requirements after delaying the release of price-sensitive financial results on Sens by 27 minutes.
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In an official regulatory finding published on Friday, the local exchange confirmed that AngloGold Ashanti failed to ensure simultaneous disclosure of its Q2 and six-month financial results and dividend declaration on 1 August 2025.
Timeline
Under paragraph 18.21(b) of the JSE Listings Requirements in force at the time, dual-listed entities are required to publish price-sensitive announcements on Sens at the same time as, or no later than, their release on foreign exchanges.
While the JSE was open for active trading during the sequence, AngloGold Ashanti’s earnings release was disseminated across multiple international platforms before reaching local investors:
- 12:07pm: Disseminated via third-party distributor Businesswire to the NYSE market.
- 12:10pm: Published on AngloGold Ashanti’s corporate website.
- 12:10pm: Disseminated globally via Bloomberg after becoming publicly available.
- 12:22pm: Filed through EDGAR at the United States Securities and Exchange Commission (SEC).
- 12:34pm: Published on the JSE Sens platform.
The JSE initiated an investigation after an external party alerted the regulator that the company’s price-sensitive results had appeared on Bloomberg 24 minutes prior to its Sens publication.
Investigation and legal breach findings
In response to the inquiry, AngloGold Ashanti argued that simultaneous or near-simultaneous disclosure across both exchanges was not achievable.
However, following a formal investigation, the JSE determined that compliance with the simultaneous disclosure rule was “reasonably achievable”.
The exchange noted that the NYSE pre-opening session only began at 12:30pm and core trading at 3:30pm, meaning local investors traded on the open JSE market for 27 minutes while information was available abroad.
Market fairness and investor protection
Explaining the rationale for imposing a public censure on the gold producer, the JSE emphasised the necessity of equal information access to maintain market integrity:
“The requirement for simultaneous disclosure on Sens and other exchanges is fundamental to the principles of fairness, transparency and market integrity underpinning the Listings Requirements.
“Timely and equivalent dissemination of information ensures that all investors, irrespective of their location or the exchange through which they access information, have equal and simultaneous access to such information.”
Detailing the specific risks posed by delayed disclosures, the exchange added: “Any delay in releasing information or releasing it on one exchange before another, could result in a risk that some investors receive the information before others.
“This can lead to trading taking place on the basis of information that is not yet available to the wider market. Such situations undermine confidence in the market and its fairness.”
This article was republished from Moneyweb. Read the original here.