Corporations Regulations 2001

CHAPTER 6D - FUNDRAISING  

PART 6D.3A - CROWD-SOURCED FUNDING  

REGULATION 6D.3A.05   CONTENTS OF CSF OFFER DOCUMENT - SECTION 3: INFORMATION ABOUT THE OFFER  

6D.3A.05(1)    
The following information must be contained in section 3 of the offer document:

(a) a description, or a summary, of the securities on offer, including information on the rights associated with those securities;

(b) the minimum subscription amount for the offer (see subsection 738L(8) of the Act);

(c) the maximum subscription amount for the offer (see subsection 738L(7) of the Act);

(d) the period that the offering company expects the offer to remain open;

(e) a description of how the offering company intends to use the proceeds from the offer (including a description of how the company intends to use any proceeds of the offer in excess of the minimum subscription amount for the offer).

6D.3A.05(1A)    

If a summary of the information mentioned in paragraph (1)(a) is contained in section 3 of the offer document, then:

(a) the information in full must be contained in another section of, or in an appendix to, the offer document; and

(b) section 3 of the offer document must include a cross reference to the location of that information.

6D.3A.05(2)    
If any of the proceeds of the offer will be paid, directly or indirectly, to any of the following persons, section 3 of the offer document must also contain a description of the payment:

(a) a person referred to in paragraph 6D.3A.04(1)(d) ;

(b) the CSF intermediary that will publish the offer, or any other person that is a related party (within the meaning of subsection 738G(3) of the Act) of that CSF intermediary;

(c) a person promoting or marketing the offer;

(d) a person that holds securities entitling the person to exercise more than 20% of the rights to vote at a general meeting of the offering company;

(e) a person that controls the offering company;

(f) any other person that is a related party (within the meaning of subsection 738G(3) of the Act) of the offering company.

6D.3A.05(3)    
Without limiting subregulation (2), proceeds of the offer will be paid indirectly to a person if those proceeds will be paid for the benefit of the person by an intermediary entity such as a nominee, trust or partnership.

6D.3A.05(4)    
Section 3 of the offer document must also contain a description of each previous CSF offer (if any) of securities by the following entities:

(a) the offering company;

(b) for each person referred to in paragraph 6D.3A.04(1)(d) for the offering company - any other company that had, at the time of a previous CSF offer by that other company, the person as a director or senior manager;

(c) for each person that controls the offering company - any other company that the person controlled at the time of a previous CSF offer by that other company;

(d) any other company that is a related party (within the meaning of subsection 738G(3) of the Act) of the offering company.

6D.3A.05(5)    
The description of a previous CSF offer referred to in subregulation (4) must include a description of the outcome of the offer.