FAQ for delisting website (correct as at 30 Apr 2020)

A. Proposed delisting from Australian Securities Exchange (ASX)

In April 2020, the CoAssets board requested that the Company delist from the ASX for the following reasons.

  • High ongoing costs - The Company incurs costs in excess of $700,000 per annum to maintain its ASX listing. This does not include any allocation of the cost of management’s time taken up by matters associated with being listed.
  • Low levels of trading liquidity - Recent trading in the Company's shares (prior to their suspension from trading) has been limited, both in frequency and volume. The low level of liquidity has resulted in limited trading opportunities for shareholders who wish to exit their holdings.
  • Low shareholder numbers - The Company has approximately 372 shareholders, of which approximately 124 or 33. 3% hold unmarketable parcels (i.e. a shareholding of $500 or less).
  • Concentrated shareholdings - Directors and management hold approximately 41.0% of the issued shares in the Company with the top 20 shareholders holding approximately 84.7% of the issued shares.
ASX has advised that it intends to agree to the Company's request for delisting subject to the Company seeking approval of the shareholders by way of a special resolution.

B. Key Dates for the Delisting Process

The indicative timetable for the proposed delisting is set out below. Subject to the Corporations Act and ASX Listing Rules, the Company reserves the right to amend the indicative timetable without prior notice to shareholders

Event Date
Proxy cut off time 1.00pm Sydney time, 15 June 2020
General meeting 1.00pm Sydney time, 17 June 2020
Delisting date Close of trading on 19 June 2020

C. Frequently Asked Questions

1. Why is CoAssets Ltd delisting?

The Company’s reasons for delisting are shown above. In summary, the delisting is proposed due to:
 high ongoing cost to maintain a listing on ASX;
 low trading volumes, liquidity and market demand for the Company’s shares; and
 low shareholder numbers and concentrated shareholdings.

2. What does an ASX delisting involve for CoAssets Ltd?

Delisting is the process by which the Company’s shares will be removed from the official list of the ASX and will no longer trade on the ASX.
This means that any shares held after 19 Jun 2020 would no longer be able to be traded on the ASX. However shareholders can continue to buy and sell their shares off market.

3. When will CoAssets Limited be delisted?

Subject to a special resolution of the Company’s shareholders, the Company’s shares will be delisted from the ASX as at close of trading on 19 June 2020.

4. What will happen to my shares after CoAssets Limited is delisted from the ASX?

There will be no change and you will continue to hold on to them.
While the Company will no longer be listed, because it has more than 50 shareholders, it will continue to be a public company and will have to comply with the requirements of the Australian Corporations Act.

5. What if I have more questions about CoAssets Limited’s delisting from the ASX?

If you have further queries, please contact the CoAssets Investor Relations team at [email protected].

CoAssets Financial Statement

Southeast Asia's First Listed Crowdfunding Platform.

This report has been produced by CoAssets Limited (CoAssets) and may contain forward looking statements that are based on Management’s current expectations, beliefs and assumptions and are subject to a number of risks and uncertainties. Forward looking statements contained in this report are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, the actual outcomes and results may differ from those described.
This report is intended to provide background information only and does not constitute or form an offer of securities or a solicitation or invitation to buy or apply for securities, nor it or any part of it form the basis of, or be relied upon in any connection with any contracts or commitment whatsoever. The information in this report does not take into account the objectives, financial situation or particular needs of any person. Nothing in this report constitutes investment, legal, tax or other advice.
This report does not, nor does it purport to, contain all the information prospective investors in CoAssets would desire or require in reaching an investment decision.



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PROSPECTUS DOWNLOAD TERMS

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CoAssets Limited (ACN 608 648 568) (the Company) has lodged a prospectus dated 24 May 2016 (Prospectus), with the Australian Securities and Investments Commission in relation to the offer of 25,000,000 fully paid ordinary shares (Shares) at an issue price of A$0.40 per Share. The Prospectus is also in relation to the “Secondary Offers” as defined therein


The electronic copy of the Prospectus available on this website does not constitute an offer of, or an invitation to subscribe for, Shares. You may print out a hard copy of the Prospectus from this website or copy the electronic Prospectus on this website into an electronic file for your personal use only. You must not alter the contents of this electronic file in any way.


The Prospectus is an important document that should be read by prospective investors in its entirety before deciding whether to participate.


If after reading the Prospectus you have questions, you should contact your stockbroker, accountant, financial, legal or other professional advisers.


By accessing the Prospectus (by clicking I Accept below) you acknowledge that you have read and accept the terms set out in this notice.



IMPORTANT NOTICE

Neither ASIC nor ASX Limited, nor any of their officers, take any responsibility for the contents of the Prospectus.


Anyone who wants to acquire Shares in the Company will need to carefully consider the Prospectus and complete an application form that will be in, or will accompany, Prospectus. If you request a Prospectus you are not obliged to apply for Shares.


The Company is not liable for any loss incurred from relying on this site, including from data corruption on download.


The information on this page is not part of the Prospectus.



Applications

Applicants for securities will be required to complete a Public Offer Application Form that accompanies the Prospectus. The Corporations Act 2001 (Cth) prohibits any person from passing on to another person an application form unless it is attached to or accompanied by a complete and unaltered version of a prospectus.


The Company will not accept a completed Public Offer Application Form if it has reason to believe that the Applicant has not received a complete and unaltered copy of the Prospectus. A paper copy of the Prospectus is available free of charge to any person in Australia by calling +61 (8) 9486 4036 between 9.00am and 5.00pm WST Monday to Friday.


Applications must be made using the Prospectus Public Offer Application Form attached to or accompanying the Prospectus.



Persons to whom offer is available

Due to legal restrictions, access to the Prospectus is restricted to persons accessing this website from within Australia. The Offers constituted by an electronic version of the Prospectus are only available to persons receiving an electronic version of the Prospectus within Australia.


The Prospectus does not constitute an offer or an invitation in any jurisdiction in which, or to any person to whom, it would not be lawful to make such an offer or invitation. The distribution of the Prospectus in jurisdictions outside Australia may be restricted by law and persons who come into possession of the Prospectus should seek advice on and observe any of these restrictions. Failure to comply with these restrictions may violate securities laws.


Applicants who are resident in countries other than Australia should consult their professional advisers as to whether any governmental or other consent are required or whether any other formalities need to be considered and followed.


Nothing in this website constitutes an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. The shares referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933 (U.S. Securities Act) or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States absent registration under the U.S. Securities Act or an exemption from registration requirements.



No advice included


Nothing contained on this website or in the Prospectus constitutes financial, investment, legal, business, tax or other advice. In particular, the information on this website and in the Prospectus does not take into account your investment objectives, financial situation or particular needs. In making an investment decision, you must rely on your own examination of the Prospectus, including the merits and risks involved. You should consult your professional adviser for financial, legal, business or tax advice.


By clicking I Accept below you acknowledge that:


• You have read and understood the above statements; and


• You are an Australian resident and you are requesting a copy of the Prospectus from within Australia; or


• If a non-Australian resident, you have consulted your professional adviser as to whether any governmental or other consents are required or whether any other formalities need to be considered and followed before accessing the Prospectus; and


• You will not pass on to any other person the Public Offer Application Form unless it is attached to or accompanied by the complete and unaltered electronic Prospectus, otherwise to permit a public offering of the securities in any jurisdiction outside Australia.


OnMarket Application
Persons to whom offer is available

Due to legal restrictions, access to the offer is restricted to persons accessing this website from within Australia.


Applicants who are resident in countries other than Australia should consult their professional advisers as to whether any governmental or other consent are required or whether any other formalities need to be considered and followed.


Nothing in this website constitutes an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. The shares referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933 (U.S. Securities Act) or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States absent registration under the U.S. Securities Act or an exemption from registration requirements.



No advice included


Nothing contained on this website or in the Prospectus constitutes financial, investment, legal, business, tax or other advice. In particular, the information on this website and in the Prospectus does not take into account your investment objectives, financial situation or particular needs. In making an investment decision, you must rely on your own examination of the Prospectus, including the merits and risks involved. You should consult your professional adviser for financial, legal, business or tax advice.


By clicking I Accept below you acknowledge that:


• You have read and understood the above statements; and


• You are an Australian resident and you are applying from within Australia; or


• If a non-Australian resident, you have consulted your professional adviser as to whether any governmental or other consents are required or whether any other formalities need to be considered and followed before accessing the Offer; and


• You will not pass on to any other person the Offer unless it is attached to or accompanied by the complete and unaltered electronic Prospectus, otherwise to permit a public offering of the securities in any jurisdiction outside Australia.


EDISON REPORT DOWNLOAD TERMS

The attached information is supplied by Edison Investment Research (Edison) who were commissioned by CoAssets. Neither CoAssets nor its management accepts any responsibility for any forecasts, opinions or estimates provided in this section, which are solely the views of Edison.