Agreed, however there are provisions under section 708 of the...

Agreed, however there are provisions under section 708 of the corporations act 2001 that allow exisiting shareholders of a company who may not meet the criteria of a sophisticated investor, to participate in specific placements at THE DISCRETION of the company..

As long as the placement meets the criteria under the act, and the company meets its continuous disclosure obligations, then all good..

The provisions under the act was the mechanic used to pick up the shares from the small sale parcels earlier this year. I had the cash, and the company through its own discretion, provided the placement..

It was approved through the last general meeting, hence why I had to abstain from voting on resolution 11..


There is much to be said for understanding legislative instruments in this game (well in most games really lol).. I obtained a degree in public policy from Griffith University many moons ago and I used to write policy in the government arena..

I’m glad I did, as I use all sorts of legislation to my advantage now..