News

Number of news items returned: 181 to 200 records of 350

Opmantek voted America's favourite in US Business Awards

13 August 2015

(10296 views)

GOLD Coast IT success story Opmantek has snared the Oscars of the US business world. The Surfers Paradise-based software firm has ...

Opmantek proves Gold Coast can be a Global IT Leader

13 August 2015

(10896 views)

The Business News Australia website has published the following article written by Jenna Rathbone about Opmantek, on August 13th, 2015: "A ...

CRe8 Releases Supplementary Offer Document

12 August 2015

(10339 views)

CRe8 Home & Finance Ltd has experienced material changes to its offer since launching in March 2015. These material changes are: • ...

CRe8 Home & Finance closes Round 2

11 August 2015

(10100 views)

CRe8 Home & Finance Ltd is pleased to announce its Round 2 offer is now closed. Since launching on ASSOB in ...

Crowd Sourced Equity Funding

06 August 2015

(11348 views)

The Australian Government has released a consultation paper on facilitating crowd-sourced equity funding and submissions are due by Monday 31st ...

Networking Breakfast Events

06 August 2015

(11252 views)

Funding Strategies and BlueMount Capital's Networking Events in Brisbane, Sydney and Melbourne were an opportunity for both investors and issuers. ...

CRe8 Home & Finance: APRA ruling a benefit for CRe8

31 July 2015

(10762 views)

The Australian Prudential Regulatory Authority (APRA) has applied pressure on lenders in regards to lending for investment properties. They have ...

Your Digital File launched its Reseller Program

30 July 2015

(10302 views)

It’s been a busy month for Your Digital File. On the back of strong market interest and sales, Your Digital File ...

Your Digital File launches Expansion Plans

29 July 2015

(11387 views)

Anyone can offer cloud document storage. Anyone can claim their service is secure. Yet the relentless increase in cyber- crime ...

Opmantek fills Round 1 Capital Raise - opens Round 2

28 July 2015

(10916 views)

Opmantek (ASSOB:OMK) is excited to announce that round one of their capital raise is now fully subscribed. Opmantek CEO, Danny ...

Ocular Robotics extends its offer to investors

17 July 2015

(10370 views)

Ocular Robotics has achieved significant milestones in revenue outlook and key staff appointments in recent months. To continue our push ...

Squirel lodges patent application

13 July 2015

(11341 views)

Squirel Ltd (“Squirel” or the “Company”) (ASSOB: SQU) has filed patent application AU 2015902740 with IP Australia to protect its ...

Funding Strategies Connect - July 2015

10 July 2015

(9363 views)

Dear Readers, It has been a busy finish to the end of the financial year for us. We have a number ...

Squirel Ltd: Round 1 Capital Raising oversubscribed

01 July 2015

(11151 views)

Squirel Ltd (“Squirel” or the "Company") (ASSOB: SQU) is excited to announce the oversubscription and therefore completion of round one ...

Fifo Capital offer eligible businesses which invest in R&D, a facility to fast track their tax rebate and access future cash entitlements

24 June 2015

(11199 views)

Investing in Research and Development is not for the faint-hearted. Even with the tax rebates available, R&D can require a ...

Golf’s Great Walks awarded Export Development Grant

24 June 2015

(10717 views)

It is well documented that in these times Export Marketing Development Grants are only awarded to companies who meet significant ...

Your Digital File® continues to gain traction in the marketplace

24 June 2015

(10461 views)

Your Digital File® continues to gain traction in the marketplace as it becomes increasingly evident it is no longer a ...

Opmantek rockets to 90,000 downloads and 9,000 commercial trials

24 June 2015

(10655 views)

It’s been a fantastic year for Opmantek (ASSOB:OMK). The company has received significant local and international recognition and is closing ...

Mobicon: Successful Breakfast Meeting at BlueMount Capital and Funding Strategies

23 June 2015

(10464 views)

Mobicon Systems is looking back on a pleasant and successful breakfast meeting at BlueMount on the 10th of June.   Two contacts ...

CRe8 Home & Finance: Strengthened Loan Contract Process

22 June 2015

(10663 views)

To Whom It May Concern: We have had a professional relationship with Blaak & Associates (Solicitors) for the past 3 years ...

Crowd-sourced equity funding bill to pass Senate

16 February 17

 Crowd-sourced equity funding bill to pass Senate

 

"Retail investors will soon be able to buy up to $10,000 of equity in their favourite business ideas, with "crowd-sourced funding" legislation set to pass the Senate with Greens support.

The legislation will allow unlisted public companies with annual turnover or gross assets of up to $25 million to advertise their business plans on licensed crowdfunding portals, and raise up to $5 million a year to carry them out. Investors can put up to $10,000 a year each into an unlimited number of ideas, with a 48-hour cooling off period applying.

"Crowd-sourced equity funding will offer a new funding option for small businesses," said Treasurer Scott Morrison while introducing the Bill to the Lower House.

"It complements other forms of crowdfunding already available, such as rewards-based crowdfunding and peer-to-peer lending, to offer start-ups greater choice in how they fund and finance their operations.

"It will serve as both a complement and a source of competition to more traditional funding options for small businesses, including bank debt products."

However, entrepreneurs are divided over whether businesses will want to use the legislation, given it excludes proprietary companies, a structure used by around 99 per cent of Australian businesses, and would compel them to become unlisted public companies.

Crowdfunding portals like VentureCrowd and Equitise have previously been available only to "sophisticated investors" with more than $2.5 million of assets outside the family home or income above $250,000 a year.

Retail investors were restricted to opportunities from matching services like The Australian Small Scale Offerings Board (ASSOB), operating under Section 708 of the Corporations Act, which allowed up to 20 investors at any one time raise a maximum of $2 million a year.

"We just have to turn down the $5000-$10,000 investors in that environment," said ASSOB chief executive Will Leitch, who welcomed the new legislation as something that would "get the early-stage economy working".

Greens backing

The Greens' Treasury spokesperson, Peter Whish-Wilson, said his party would support the crowd-sourced funding bill, enough for it to pass the Senate without Labor Party support.

The Labor Party will put forward an amendment to extend the cooling-off period to five days, for which Opposition innovation spokesman Ed Husic claimed he had Greens and Nick Xenophon Team support. Mr Husic was also considering an amendment that "the compulsion to convert to an unlisted public company is dropped and the government...allow for a wider range of start-ups and small businesses to access the equity crowdfunding regime".

Mr Husic has previously said his feedback from businesses is that flipping to public status is a costly distraction, that few will undertake.

"Without liberalisation, this bill will be ScoMo's dodo," he said, referring to the Treasurer.

The bill does grant five-year holidays for newly converted public companies from continuous disclosure, holding annual general meetings, auditing accounts and providing paper annual reports.

That's not enough for Troy Douglas, co-founder of sugar-free soft drinks maker Nexba, which is raising $1 million from sophisticated investors through VentureCrowd. Mr Douglas said he would be unwilling to convert to public company status, even if it meant widening his pool of potential investors.

"It's just an unnecessary administrative burden," he said, pointing to the potential information his competitors could get from the quarterly updates required.

However ASSOB's Mr Leitch already compels businesses raising through his platform to be public, even though he doesn't have to under Section 708 of the Corporations Act.

"If you're raising $1 million, you should be willing to face your shareholders," he said.

It was "a myth" that converting to a public company was onerous, he added.

"It costs about $700, you need a quarterly disclosure statement saying you're spending the money the way you said you would and that you're not insolvent, and you need to appoint three directors - which should be a helpful thing anyway," he said.

The government has promised to include proprietary companies in crowd-sourced equity funding in future, but for now Mr Leitch said this bill was a "huge improvement" on the previous regime.

Small Business Minister and Nationals MP Michael McCormack said the bill would be a boon for regional businesses in particular, located as they are away from traditional angel investor networks in the cities. 

The Senate was delayed on Thursday debating parliamentary entitlements legislation, so the Corporations Amendment (Crowd-sourced Funding) Bill may not now be debated until Parliament returns on March 20, although with Greens support its passage is assured.

The Senate Economics Committee recommended on Monday that the Upper House pass the bill, with a review after two years. The laws will come into effect six months from royal assent."

Australian Financial Review, Michael Bailey, 16 February 2017

Read the full article here