Convincing Features
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QUESTION ONE
In order to obtain the funds necessary to expand its business, Capital Ltd will undertake a $12M capital raising. Advise the directors of Capital Ltd over the following matters.
(a) Can the funds be raised without a prospectus? If so, what other types of disclosure documents are available?
(b) If a prospectus is prepared, what must the directors disclose to investors about the investment?
(c) If the company issues a prospectus and the directors then become aware that there is a false and misleading statement in it, what can they do to remedy this?
(d) Does the Corporations Act provide any defenses for directors where funds are raised under a prospectus that contains a misleading statement? If so, what are they?
QUESTION TWO
Goodtimes Ltd has had a very successful trading period. The directors decide that the profits should be used to offer to purchase back some of their shares held by the members. The directors wish to undertake two transactions:
QUESTION THREE
Discuss any 2 of the following
(a) “Members can sue directors therefore there is no need for statutory derivative action” Discuss whether this statement is true or false and why.
(b) Legal significance of share register v share certificate
(c) Procedure for the appointment of directors
(d) Casting votes and resolutions
(e) Notices of meetings
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