JSE censures AngloGold Ashanti over delayed earnings disclosure in South Africa

Traders Union
All News
Financial News
JSE censures AngloGold Ashanti

Highlights

JSE publicly censured AngloGold Ashanti for breaching listing rules by disclosing Q2 and half-year financials on Sens 24 minutes after overseas platforms.
AngloGold Ashanti released earnings to NYSE at 12:07pm and to Bloomberg at 12:10pm, but only published on Sens at 12:34pm, triggering regulatory censure.
JSE emphasized that delayed Sens publication undermines market integrity and investor equality, reaffirming stricter standards for dual-listed companies’ disclosure timing.

Regulatory finding on disclosure timing

As reported by Moneyweb, citing the JSE, AngloGold Ashanti breached listing requirements by failing to publish price-sensitive information on Sens at the same time as, or no later than, its release on foreign exchanges. In a regulatory finding published on Friday, the exchange says the miner did not ensure simultaneous disclosure of its Q2 and half-year financial results and dividend declaration.

Under paragraph 18.21(b) of the JSE Listings Requirements then in force, dual-listed issuers must release price-sensitive announcements on Sens in step with foreign-market publication. The JSE says the earnings announcement was sent through Businesswire to the NYSE market at 12:07pm, appeared on the company's website at 12:10pm, was disseminated via Bloomberg at 12:10pm, was filed through EDGAR with the U.S. Securities and Exchange Commission at 12:22pm, and only reached Sens at 12:34pm.

The exchange opened its investigation after an external party flagged that the results were visible on Bloomberg 24 minutes before their Sens publication. AngloGold Ashanti argued that simultaneous or near-simultaneous disclosure across both exchanges was not achievable, but the JSE concluded after a formal investigation that compliance with the rule was reasonably achievable.

Market integrity and investor access

The public censure underscores the JSE's view that equal access to material information is central to fair trading in South Africa's capital markets. The exchange says delays between overseas publication and Sens distribution can give some investors earlier access than others while the local market remains open.

In setting out its reasoning, the JSE says simultaneous disclosure supports fairness, transparency and market integrity under the Listings Requirements. For dual-listed groups such as AngloGold Ashanti, the finding also reinforces the operational burden of coordinating earnings releases across multiple international platforms without disadvantaging local investors.

In our earlier coverage of Gold Fields’ proposed takeover of Northern Star Resources, we outlined how the South African miner’s A$39 billion approach could reshape Australia’s gold sector through consolidation and projected synergies. The article also highlighted the pressure on Northern Star from operational setbacks, board and management changes, and activist demands, while noting that the deal stood out amid a broader slowdown in global M&A activity.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.