Listed entities wishing to take advantage of ASIC’s conditional disclosure relief for offers of “vanilla bonds” will need to continue to comply with the minimum subscription requirements for all offers made on or before 12 May 2014.
On 11 May 2012, ASIC issued Class Order [CO 10/321] to provide conditional relief to allow listed entities to offer “vanilla bonds” under:
- a simplified prospectus, which has similar content requirements to a transaction-specific prospectus; and
- a two-part prospectus, comprising a base prospectus that may be used for several different offers and a second part that relates to a particular vanilla bonds offer.
Previously, the relief was conditional upon the issuer meeting a minimum subscription requirement, with the aggregate size of the bond issue needing to be at least $50 million if the offer was made on or before 12 November 2013.
ASIC’s new Class Order [CO 13/1362] further extends the minimum subscription requirement in [CO 10/321] to offers made on or before 12 May 2014.