Baillieu Valuation of VEC, page-212

Hi everyone.

And I thought everyone now understood the purpose of a cleansing notice and or a cleansing prospectus.

Re: The cleansing prospectus, read the last paragraph in the quote below.

The cleansing prospects removes the trading restrictions on shares issued with out disclosure UP TO the closing date of the prospectus.

So shares issued WITH OUT SHARE HOLDER APPROVAL after the closing date, will have automatic trading restrictions applied, unless a new cleansing prospectus is issued after 23-Apr-2019 but before an undisclosed issue (If VEC had not been suspended for >=5 days in the last 12 months then only a cleansing notice would be required.


From the prospectus.

“The Offer opens on 24 January 2019 and closes at 5.00pm (WST) on 23 April 2019.

This Prospectus has been prepared primarily for the purpose of section 708A(11) of the Corporations Act to remove any secondary trading restrictions that would otherwise apply to Shares issued by the Company prior to the Closing Date.” (23-Apr-2019)


So what rastes is saying is the current cleansing prospectus will remove any trading restrictions on shares issued without disclosure prior to the 23-Apr-2019.

Any shares issued after 23-Apr-209 without disclosure will have automatic trading restrictions applied OR a NEW cleansing prospectus will be required prior to issue!


I know it’s complicated, but once it’s understood, it’s easy.