ASX query letter (aware letter / price and volume query)
An ASX query letter — most often an 'aware letter' or 'price and volume query' — is a formal request from ASX asking a listed entity whether it is aware of information that explains a movement in its share price or volume.
Definition
An ASX query letter — most often an 'aware letter' or 'price and volume query' — is a formal request from ASX asking a listed entity whether it is aware of information that explains a movement in its share price or volume.
In detail
ASX issues query letters when unusual price or volume movement is observed in a listed entity's securities. The two most common forms are the 'aware letter' (asking whether the entity is aware of any information that should have been announced) and the 'price and volume query' (asking the entity to explain the movement).
The entity must respond within the deadline set by ASX, usually before market open the next trading day. Responses are public — they are released as ASX announcements and form part of the entity's continuous-disclosure record.
Query letters often coincide with leaks, media speculation, broker upgrades or downgrades, or genuine disclosure failures. The communications response has to balance the obligation to respond accurately with continuing confidentiality where the carve-outs in Listing Rule 3.1A apply.
Repeated or unresolved query letters can lead to more serious ASX action, including referrals to ASIC.
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