From what I understand, Automic holds the shares but you would...

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HonyakuKonyaku

662 Posts.

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19/08/20

20:55

Post #: 46669635
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Originally posted by Upthefog: ↑

The company would be a publicly unlisted entity cos it would have more than 50 shareholders- as distinct from a private company having less than 50. There would be audit & annual (& 1/2 year) reporting requirements & a need to hold an AGM within the prescribed period. The annual audited financial statements would have a high level of disclosure. However most importantly there is no requirement to continuously disclose (unlike ASX) which means shareholders will not be informed on a real time basis of any changes that are going on within the business- good, bad or otherwise. It is very difficult to monitor how the business is progressively performing except on an annual & six monthly basis. Very importantly while a stockholder will have an ownership entitlement there is no ready market to sell that shares that are owned. I’m not too sure about the reference to Atomic - it may simply mean they are the custodians of the share registry. This is simply a compliance role as distinct from a fiduciary role. I doubt whether they would broker buys & sells but I maybe wrong.

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From what I understand, Automic holds the shares but you would have to organise your own off market transfers. In other words, find a buyer yourself. I mentioned another company a few days ago in the same situation, and there was a poster on the forum offering to individually buy the shares of other people on the forum through off market transfers. I presume at a fair discount to true value.

GMV Price at posting: 4.0¢ Sentiment: Hold Disclosure: Held
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