Chapter 5 Prospectus Flashcards
When is prospectus not required
Raise less than 8 mil to less than 150 ppl
What is private placement exemption
Placement only to qualified investors or less than 150 ppl
What are some other exemptions
Conversion rights of less than 20%, wholesale securities (min of 100k subscription)
What kind of offerings require prospectus
Only placement and introduction dont need, the rest need
Gilts dont need prospectus
Does FPO apply to real time communications?
No
Who is responsible for the contents of the prospectus
Directors,
Advisers are just here to help with preparation
WHat are the 3 parts of the prospectus
Summary, registration, securities note
Summary
less than 7 sides, info on issuer, key risks specific to issuer, must have information on translation cost
Registration
Information about issue and issuer
Securities note
Detailed information about the securities issue
When to submit supplementary prospectus
ASAP if there is a signficiant change of affairs
When must prospectus be published to the public
PUBLIC = 6 days before end of offer
CAn advertisement be made before published
Yes, but it must be first approved
Are HNWI Qualified investors?
No, they need to self certify to be QIs
For IPO, when is the latest day prospectus must be made available to public
6 days before offer closing
