Offer Notice Board

Below are some frequently asked questions and general information about Offer Notice Board (formerly OFFERlist).

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About Offer Notice Board

• What is Offer Notice Board?
• What are fundraising disclosure documents?
• Why are details of an offer listed on Offer Notice Board?
• What is the exposure period?
• How do I use Offer Notice Board?
• Where can I get more investment information?
• Important notices

What is Offer Notice Board?

Offer Notice Board (formerly OFFERlist) is ASIC’s public repository of disclosure documents for fundraising offers lodged with ASIC under Chapter 6D of the Corporations Act 2001 (the Act) and for some disclosure documents required to be lodged under Part 7.9 of the Act.

Offer Notice Board has replaced its predecessor, OFFERlist.

Offer Notice Board provides the following information about a disclosure document:

• document number
• date ASIC received the document
• document type and name
• name and Australian Company Number (ACN)/Australian Registered Body Number (ARBN) of issuer
• the first date upon which investments can be made
• related regulatory documents such as stop orders and notice of extension to exposure period
• supplementary and replacement disclosure documents
• how you can obtain a copy of the disclosure document (where the issuer has supplied this information).

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What are fundraising disclosure documents?

Fundraising disclosure documents are documents required to be lodged pursuant to either the requirements of Chapter 6D or Part 7.9 of the Corporations Act 2001. These documents are prepared by issuers to assist a consumer in deciding to invest in a fundraising offer or a financial product.

The following document types which must be lodged with ASIC in accordance with Chapter 6D or Part 7.9 of the Act, will be listed on Offer Notice Board:

• Prospectus (s713) an unabridged document containing the information necessary for investors and their professional advisers to make an informed assessment of an offer of securities

• Short form prospectus (s712) a short prospectus which refers to documents lodged with ASIC where information in these documents form part of the prospectus

• Profile statement a document which provides a key summary of a prospectus

• Offer information statement a document that discloses standard information about an offer seeking to raise $5million or less

• Product disclosure statement (PDS) a disclosure document lodged by a managed investment scheme that is to be traded on a financial market, containing certain information that a person would reasonably require for the purposes of making a decision, as a retail client, whether to acquire the product

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Why are details of an offer listed on Offer Notice Board?

Fundraising disclosure documents are listed on Offer Notice Board to assist with their exposure to the public The Offer Notice Board pertains to both on-market (offers relating to quoted securities) and off-market offer summary information.

A summary description of the offer or financial product is provided to the market. When these offers involve securities which are not quoted on a stock exchange, information as to where and how the disclosure document may be accessed during the exposure period is provided.

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What is the exposure period?

The exposure period gives the market and ASIC an opportunity to consider the information in the disclosure document before the issuer can accept applications for subscription or purchase of the securities or the financial product.

A person offering non quoted securities (i.e. not listed on a stock exchange) will not be allowed to accept applications for the issue or transfer of securities until 7 days after lodgement of the disclosure document with ASIC (s 727(3)). When disclosures in the offer document are considered to be deficient the market may bring this to the attention of ASIC for consideration. Alternatively they may take their own action. ASIC may extend the 7 day exposure period to a maximum of 14 days in these circumstances.

Offers of quoted securities will not be subject to any exposure period.

If a product disclosure statement is required to be lodged for a financial product, there is similarly to be no issue or sale of that financial product until seven days after lodgement of the product disclosure statement with ASIC (s1016B). When disclosures in a product disclosure document are considered to be deficient the market may draw these to our attention for consideration. We may extend the 7 day exposure period to a maximum of 14 days in these circumstances.

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How do I use Offer Notice Board?

Offer Notice Board allows you to search and list offer documents by:

• issuer name
• issuer ACN/ARBN
• document type
• date document was lodged with ASIC.

 

You can narrow your search list by entering specific criteria such as document type or date ranges.

By selecting a document, you can view summary information about an offer or a financial product when this has been supplied by the issuer, including information about how you can obtain a copy of the disclosure document.

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Where can I get more investment information?

To obtain further information about consumer and investment issues, visit our consumer website, Moneysmart: Investing.

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Important notices

Information about this offer

Information on Offer Notice Board is a summary of some particulars of the offer and is published by ASIC solely to facilitate exposure of the disclosure documents under the Corporations Act 2001. This information is based on information about the offer which has been supplied by the issuer. ASIC does not assume any responsibility for, or guarantee the accuracy of, this information.

Endorsement of the offer

ASIC's publication of disclosure documents on Offer Notice Board is not to be taken as endorsement or recommendation by ASIC of any offer or a financial product. ASIC takes no responsibility for the content of any disclosure document published on Offer Notice Board. You should consider all disclosures made in the relevant disclosure documents and seek and rely on your own professional advice in determining the merits of any offer or financial product.

Public exposure of the offer

Disclosure documents appearing on Offer Notice Board are subject to public exposure until the end of the relevant exposure period set out in the offer document details. Applications for securities and relevant financial products CANNOT be accepted by the issuer before the end of the exposure period. You should not invest in any offers or relevant financial products before the end of the exposure period. Offer Notice Board will show the first date upon which investments can be made.

Limitation of ASIC's liability

ASIC is unable to guarantee that the ASIC website will be available at any given time or that it will function or perform as expected or required.

ASIC will not be liable to you or any other person for any loss, damage, costs or expenses of any kind, arising out of or in connection with any delay, omission, default, negligence or error by ASIC in relation to the availability, functionality or performance of Offer Notice Board.

In no event will ASIC be liable to you or any other person for any indirect or consequential loss or damage, or loss of data or profits, whether or not it was aware of the possibility of such loss or damage.

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