Article by Nicole Radice, Partner
Michelle Eastwell, Senior Associate
Ben McTaggart
The Australian Securities and Investments Commission (ASIC) has
implemented a number of measures to enhance market disclosure and
facilitate capital raisings. HopgoodGanim distributed an Alert on
this issue in April this year.
Facilitating capital raising
ASIC's new equity capital raising policies are intended to
streamline the fundraising process and make it easier to include
retail investor participation in fundraisings. ASIC hopes to
achieve this by increasing the types of situations where a full
prospectus or product disclosure statement is not required.
The new policies allow:
- existing shareholders or unitholders to purchase further shares
or units worth up to $15,000 through security purchase plans
without a prospectus or product disclosure statement. The previous
limit for this was $5,000. There is an expectation that ASX will
act to ensure the Listing Rules are
