AngloGold Ashanti has been publicly censured by the Johannesburg Stock Exchange after a 27-minute gap between the release of price-sensitive information on the New York Stock Exchange and its publication on the JSE.

The case highlights the disclosure risks facing companies listed across multiple markets, where investors can gain access to information at different times if announcements are not released simultaneously.

The breach involved AngloGold Ashanti’s second-quarter and half-year results and dividend declaration on Aug. 1, 2025. The JSE said the announcement appeared on its local market 27 minutes after the NYSE release and 24 minutes after it was published on the miner’s website.

A 27-minute gap triggers scrutiny

The timing became significant because the JSE was open for trading when the disclosure sequence occurred. The NYSE’s pre-opening and core trading sessions, meanwhile, were scheduled to begin at 12:30 p.m. and 3:30 p.m., respectively, on Aug. 1.

The JSE said it became aware through an external party that the information had been disseminated on SENS only after it had appeared on Bloomberg. Its investigation concluded that compliance with the exchange’s disclosure requirements was reasonably achievable and that AngloGold Ashanti had failed to meet them.

For a dual-listed company, the issue is not simply how quickly an announcement is published, but whether investors across the relevant exchanges receive material information on an equivalent and timely basis.

Why simultaneous disclosure matters

The JSE Listings Requirements require companies with secondary listings to ensure that information released on another exchange is also released on SENS at the same time or no later than its publication elsewhere.

The rule is intended to prevent situations where investors on one market can act on information before it reaches investors elsewhere. In AngloGold Ashanti’s case, the information was considered price-sensitive and capable of materially affecting the company’s securities.

The JSE said a delay could therefore create an opportunity for trading based on information that was not yet available to the wider market.

The exchange said simultaneous dissemination supports the principles of fairness, transparency and market integrity that underpin its listing rules.

JSE imposes public censure

The JSE announced its decision to publicly censure AngloGold Ashanti on Friday, Oct. 2, following its investigation into the disclosure breach.

The action underscores the compliance obligations that come with maintaining listings across different exchanges, particularly when companies release financial results, dividend declarations or other information that could influence their share price.

The episode also highlights the importance of coordinating corporate announcements across markets.

A delay of less than half an hour may appear limited in ordinary business terms, but for investors trading around price-sensitive information, the timing of a disclosure can directly affect who has access to the information first.

AngloGold Ashanti’s dual presence on the NYSE and JSE means that maintaining synchronized disclosure remains an important part of its obligations to investors in both markets.