Table 1: CAMAC + model New Zealand model Fat Hen model NZ + Fat Hen comparison Issuers Eligible issuers Australian-incorporated New Two categories of Eligible Issuer: issuers that must be either a incorporated Emerging companies defined as public company or an exempt companies. revenue in preceding 12 month public company. period being <$1m OR net profit Limited to certain small bef tax of < $250k enterprises that have not Established companies defined raised funds under the as revenue in preceding 12 existing public offer month period being >$1m AND arrangements. net profit bef tax of > $250k Must be public companies or exempt public companies - no other restriction re past offers. Relief from public Available to exempt public No CSEF-specific Emerging companies as per company companies, with relief from a exemptions. CAMAC once an emerging – compliance costs range of compliance company becomes an requirements, including company” then “established annual general meetings, and they need to adopt normal audit requirements (up to a public company reporting certain threshold). protocols Exempt status available for a period of up to three to five Established companies need to years, subject to turnover and comply with normal public capital thresholds. company requirements including auditor appointment Maximum funds Cap of $2 million in any Cap of $2 million in Emerging companies - cap of $3 an issuer may raise period, excluding funds any 12-month period, million in any 12-month period, raised under existing excluding funds excluding funds raised under prospectus exemptions for raised under existing existing prospectus exemptions wholesale investors. prospectus for wholesale investors to a max of $5m in total.
Table 1: CAMAC + NZ + Fat Hen comparison model New Zealand model Fat Hen model Issuers Eligible issuers Australian-incorporated issuers that must be either a public company or an exempt public company. Limited to certain small enterprises that have not raised funds under the existing public offer arrangements. New companies. Two categories of Eligible Issuer: Emerging companies defined as revenue in preceding 12 month period being <$1m OR net profit bef tax of < $250k Established companies defined as revenue in preceding 12 month period being >$1m AND net profit bef tax of > $250k Must be public companies or exempt public companies - no other restriction re past offers. Relief from public company compliance costs Available to exempt public companies, with relief from a range of compliance requirements, including annual general meetings, and audit requirements (up to a certain threshold). Exempt status available for a period of up to three to five years, subject to turnover and capital thresholds. No CSEF-specific exemptions. Emerging companies as per CAMAC – once an emerging company becomes an “established company” then they need to adopt normal public company reporting protocols Established companies need to comply with normal public company requirements including auditor appointment Maximum funds an issuer may raise Cap of $2 million in any period, excluding funds raised under existing prospectus exemptions for wholesale investors. Cap of $2 million in any 12-month period, excluding funds raised under existing prospectus Emerging companies - cap of $3 million in any 12-month period, excluding funds raised under existing prospectus exemptions for wholesale investors to a max of $5m in total. incorporated
C2014-054_Fat_Hen_Ventures_Pty.docx