ASIC announced that has made a determination that iBosses Corporation Limited cannot use exemptions for reduced disclosure in fundraising documents for 12 months.
ASIC made the determination after iBosses failed to lodge an audited financial report with ASIC for the year ended 31 March 2017 within the three month deadline. At the date of this release, iBosses has still not lodged a report.
The ASIC determination applies until 17 September 2018.
ASIC Commissioner John Price said:
The exemptions from fundraising disclosure are provided on the basis potential investors have access to this information in quality financial reports. Where this information is omitted, or where companies do not comply with their financial reporting obligations, ASIC may restrict the use of reduced disclosure in fundraising documents.
Under the law, a listed company can offer securities using a reduced content prospectus containing information relating only to the particular offer itself.
ASIC has the power to prevent a company from relying on these rules if the company breaches its continuous disclosure or financial reporting obligations.