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CSF offer must be for shares

7 January 2020

In addition to other requirements when a CSF offer is made, your company's CSF offer must be an offer of fully-paid ordinary shares.

And, the CSF intermediary is a single platform that may publish a CSF’s offer. 

Fully paid shares

The company’s CSF offer must be for fully-paid ordinary shares and not other types of securities like partly-paid shares or preference shares. 

No sale or transfers

The offer may be for an issue of shares but not the sale of shares or a transfer or sale of shares that have already been issued.

Sale restriction

Investors are not able to sell shares purchased under a CSF offer within 12 months of their issue without a prospectus or other disclosure document, unless an exemption in s. 708 of the Corporations Act applies (e.g. sales to sophisticated or professional investors) or unless ASIC gives relief.

Do you have questions or comments about CSF offers? Be sure to leave them below. 


Vivian Michael

Vivian Michael is a lawyer and founder of Michael Law Group. Vivian's mission is to deliver the best quality business legal services to entrepreneurs launching an Australian business, wherever they are in the globe.

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