Renounceable offer to members or debentureholders of a Company

1
OFFERS TO THE PUBLIC
There must be an offer of shares to the public

• Note when an offer is not one to the Public
• To banks (as principals)
• Sophisticated investors
• Small issue
• To members or debenture-holders of the Company,
  where the offer is non-renounceable
• Rights Offer
• To Directors or Officers of the Company, with no
  right to renounce to anybody outside this
  category
• Employee share schemes

Renounceable offer to members or
debenture-holders of a Company Of shares in that
or any other Company Where those shares are about
to be listed
2
OFFERS TO THE PUBLIC
There must be an offer of shares to the public
Also means clients of the issuer of the
prospectus or a renounceable offer to members or
debenture holders of the Company