THE CORPORATIONS LAW

CHAPTER 6D - FUNDRAISING

PART 6D.2 - DISCLOSURE TO INVESTORS ABOUT SECURITIES

Division 4 - Disclosure requirements

SECTION 715   CONTENTS OF OFFER INFORMATION STATEMENT  

715(1)  [Content of statement]  

An offer information statement for the issue of a body's securities must:

(a)  identify the body and the nature of the securities; and

(b)  describe the body's business; and

(c)  describe what the funds raised by the offers are to be used for; and

(d)  state the nature of the risks involved in investing in the securities; and

(e)  give details of all amounts payable in respect of the securities (including any amounts by way of fee, commission or charge); and

(f)  state that:

(i) a copy of the statement has been lodged with ASIC; and

(ii) ASIC takes no responsibility for the content of the statement; and

(g)  state that the statement is not a prospectus and that it has a lower level of disclosure requirements than a prospectus; and

(h)  state that investors should obtain professional investment advice before accepting the offer; and

(i)  include a copy of a financial report for the body; and

(j)  include any other information that the regulations require to be included in the statement.

715(2)  [Financial report]  

The financial report included under paragraph (1)(i) must:

(a)  be a report for a 12 month period and have a balance date that occurs within the last 6 months before the securities are first offered under the statement; and

(b)  be prepared in accordance with the accounting standards; and

(c)  be audited.

715(3)  [Expiry date]  

The statement must state that no securities will be issued on the basis of the statement after the expiry date specified in the statement. The expiry date must not be later than 13 months after the date of the statement. The expiry date of a replacement statement must be the same as that of the original statement it replaces.

Note 1:

Subsection 716(1) requires the statement to be dated.

Note 2:

Section 719 deals with replacement statements.