Ann: $3.138M Placement Completed, page-32

Yeah, there is a lot more red tape with offering to retail as opposed to sophis & instos.



"Securities offered under Section 708 of the Corporations Act don't need disclosure if the offer is made through a financial services licensee and that licensee is satisfied that the investor is experienced enough to be able to assess the merits of the offer, the value of the securities, the risks involved, their own information needs and the adequacy of the information provided by the party offering the securities"

http://www.copyright link/personal-finance/how-to-be-a-sophisticated-investor-20150821-gj4has

If MLS wanted to go retail, they would need to write up a PDS and go through a bit more headache. They'd end up with a heap of stock in the hands of those who may not be willing to hold on during the ups and downs ahead.

Nothing to say sophis won't do the same, but typically there is a lot more upside being sought than a quick 20-30%..