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RESMED INC — Director's Dealing 2010
Jul 26, 2010
65715_rns_2010-07-26_0f91f7fe-de86-44b8-9536-ca8f11ecc6cb.pdf
Director's Dealing
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21 July 2010
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ASX Markets Supervision Pty Ltd ABN 26 087 780 489 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215
Telephone 61 2 9227 0602 Facsimile 61 2 9241 7620 www.asx.com.au
Greg James Corporate Controller ResMed Inc 1 Elizabeth Macarthur Drive, Bella Vista NSW 2153
Dear Greg,
Resmed Inc (the “Company”) Appendix 3Y – Change of Director’s Interest Notice
We refer to the following:
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The Appendix 3Y lodged by the Company with ASX Limited (“ASX”) on 20 July 2010 for Mr. Kieran Gallahue (the “Appendix 3Y”);
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Listing rule 3.19A which requires an entity to tell ASX the following:
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3.19A.1 The notifiable interests of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) at the following times.
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On the date that the entity is admitted to the official list.
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On the date that a director is appointed.
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The entity must complete Appendix 3X and give it to ASX no more than 5 business days after the entity’s admission or a director’s appointment.
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3.19A.2 A change to a notifiable interest of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust). The entity must complete Appendix 3Y and give it to ASX no more than 5 business days after the change occurs.
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3.19A.3 The notifiable interests of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) at the date that the director ceases to be a director. The entity must complete Appendix 3Z and give it to ASX no more than 5 business days after the director ceases to be a director.
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Listing rule 3.19B which states as follows.
An entity must make such arrangements as are necessary with a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) to ensure that the director discloses to the entity all the information required by the entity to give ASX completed Appendices 3X, 3Y and 3Z within the time period allowed by listing rule 3.19.A. The entity must enforce the arrangements with the director.
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- The Companies Update dated 27 June 2008, reminding listed entities of their obligation to notify ASX within 5 business days of the notifiable interests in securities held by each director and outlining the action that ASX would take in relation to breaches of listings rules 3.19A and 3.19B.
The Appendix 3Y indicates that a change in Mr Gallahue’s notifiable interest occurred on 10 July 2010 (a USdated transaction). It appears that the Appendix 3Y should have been lodged with ASX by 16 July 2010, the latest. As the Appendix 3Y was lodged on 20 July 2010, it appears that the Company may be in breach of listing rules 3.19A and/or 3.19B.
Please note that ASX is required to record details of breaches of the listing rules by listed companies for its reporting requirements.
ASX reminds the Company of its contract with ASX to comply with the listing rules. In the circumstances ASX considers that it is appropriate that the Company make necessary arrangements to ensure there is not a reoccurrence of a breach of the listing rules.
Having regard to listing rules 3.19A and 3.19B and Guidance Note 22: “Director Disclosure of Interests and Transactions in Securities - Obligations of Listed Entities”, we ask that you answer each of the following questions:
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Please explain why the Appendix 3Y was lodged late.
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What arrangements does the Company have in place with its directors to ensure that it is able to meet its disclosure obligations under listing rule 3.19A?
- 3 If the current arrangements are inadequate or not being enforced, what additional steps does the Company intend to take to ensure compliance with listing rule 3.19B?
Your response should be sent to me by e-mail at [email protected] or by facsimile on facsimile number (02) 9241 7620. It should not be sent to the Company Announcements Office.
A response is requested as soon as possible and, in any event, not later than half an hour before the start of trading (ie before 9.30 a.m. A.E.S.T.) on Monday, 26 July 2010 .
Please feel free to contact me if you have any queries on the above.
Yours sincerely,
(sent electronically without signature)
Stephanie Yong
Senior Adviser, Issuers (Sydney)
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