Here is a link explaining sophisticated investor -...

Here is a link explaining sophisticated investor - Moneysmart.gov.au

I'd say this is why they are only selling to sophisticated investors: That means they can buy financial products without a regulated disclosure document such as a prospectus or product disclosure statement.

Fair enough, but it makes selling the shares not only expensive on Primary markets, but also pretty illiquid given there would be less buyers that meet the sophisticated investor guidelines.