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ARTICLE · 09 JULY 2007

Changes To Fundraising Laws

Minter Ellison
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Corporations Legislation Amendment (Simpler Regulatory System) Act 2007</I> was given Royal Assent on Thursday 28 June 2007. There are six groups of amendments to the fundraising provisions of the Corporations Act.

AustraliaCorporate/Commercial Law

By Leigh Brown, Sebastian Hempel, Bart Oude-Vrielink and Bruce Cowley

The Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 was given Royal Assent on Thursday 28 June 2007. There are six groups of amendments to the fundraising provisions of the Corporations Act.

Rights Issues

A cost and liability barrier has been removed because rights issues by listed entities no longer require a prospectus or Product Disclosure Statement. Instead, listed entities will now only be requiredto:

  • lodge with ASX a 'cleansing notice' equivalent to that lodged by listed entities undertaking a capital raising by placement to institutions

  • send, to Australian and New Zealand securityholders, a short document (and application form) which describes the reasons, terms and timing of the rights issue.

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