Scantech is an unlisted public company and disclosing entity. Scantech’s shares are not listed on any licensed market or exchange, including the Australian Securities Exchange (ASX). In order to provide shareholders with some liquidity for their shares, Scantech has received approval from the Australian Securities and Investments Commission (ASIC) to operate a low volume financial market under an exemption provided by section 791C of the Corporations Act 2001 and in accordance with the Corporations-low-volume-financial-markets-exemption-notice-2003 . It is important to note the following:
- Scantech is not licensed under Part 7.2 of the Act
- Scantech is not subject to the legal obligations that apply to the operator of a licensed market, including the requirement, to the extent that it is reasonably practicable to do so, to do all things necessary to ensure that the market is a fair, orderly and transparent market
Scantech will record the aggregate total volume and value of transactions conducted on the market to ensure that no more than 100 (one hundred) completed transactions with a total value (measured by sale price) of not more than $500,000 (five hundred thousand dollars), are entered into during any 12 month period. Therefore, if a transaction would cause either the total volume or value of all transactions entered into in any 12-month period to exceed either of those limits, Scantech may not approve the transaction or suspend the market to the start of the subsequent 12 month period. In such a case interested Sellers and Buyers would have the option of either waiting for the next 12 month period to commence or find a counter party themselves (i.e. a party that is not on the Register).
All share transactions are to comply with Scantech’s constitution.
The matching, negotiation and execution of any transaction that occurs will take place between the Buyer and Seller without any involvement from Scantech. Settled transactions will be processed by Scantech’s share registry, Link Market Services Limited (Registry). Once the transaction has been processed by the Registry, the register of sellers and buyers will be updated accordingly.