Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW
- SECT 709
Prospectuses, short-form prospectuses, profile statements and
offer information statements
Prospectus or short-form prospectus
- (1)
- If an offer of securities
needs disclosure to investors under this Part, a prospectus must be prepared
for the offer unless subsection (4) allows an offer information statement to
be used instead. Under section 712, the prospectus may simply refer to
material already lodged with ASIC instead of including it.
Note: See
sections 710 to 713 for the contents of a prospectus.
Profile statement
- (2)
- A profile
statement for an offer may be prepared in addition to the prospectus if ASIC
has approved the making of offers of that kind with a profile statement
instead of a disclosure document.
Note 1: See
section 714 for the contents of a profile
statement.
Note 2: Subsection 729(2) provides that there is still liability to investors
on the prospectus when a profile statement is used.
- (3)
- ASIC may approve the use
of profile statements for offers of securities of a particular kind. The
approval may specify information to be included in the profile statement
(including information about a matter referred to in paragraphs 714(1)(a) to
(d)).
Offer information statement
- (4)
- A
body offering to issue securities may use an offer information statement for
the offer instead of a prospectus if the amount of money to be raised by the
body by issuing the securities, when added to all amounts previously raised
by:
- (a)
- the body;
or
- (b)
- a related body corporate;
or
- (c)
- an entity controlled by:
- (i)
- a person
who controls the body; or
- (ii)
- an associate of that
person;
by issuing securities under an offer information statement is $5 million or
less.
Note 1:
See section 715 for the contents of an offer information statement. The
statement must include financial statements that are less that 6 months
old.
Note 2: Under section 740, ASIC may make a determination aggregating the
transactions of bodies that ASIC considers to be closely related.
- (5)
- In working out the amount
of money to be raised by a body or entity by issuing securities, include the
following:
- (a)
- the amount
payable for the securities at the time when they are
issued
- (b)
- if the securities are
issued partly-paidany amount payable at a future time if a call is
made
- (c)
- if the securities are
optionsany amount payable on the exercise of the
options
- (d)
- if the securities carry a
right to convert the securities into other securitiesany amount payable
on the exercise of that right.
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