Mackay Sugar Limited (Mackay Sugar) is an unlisted public company. Mackay Sugar’s shares are not listed on any licensed market or exchange. In order to provide shareholders with some liquidity for their shares, Mackay Sugar 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) Instrument 2016/888. It is important to note the following:
- (a) the market is covered by an exemption under section 791C of the Corporations Act 2001;
- (b) Mackay Sugar is not licensed under Part 7.2 of the Corporations Act 2001; and
- (c) Mackay Sugar 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.
Mackay Sugar refers to its low volume financial market as the Share Trading Facility.
Do I have to use the Share Trading Facility to transfer shares in Mackay Sugar?
No. The Share Trading Facility has been established to give Mackay Sugar shareholders greater liquidity for their shares and identify prospective Buyers or Sellers.
Conditions of the Share Trading Facility
Use of the Share Trading Facility is governed by the terms of use https://www.mkysugar.com.au/shares/documents/terms-of-use.pdf
Mackay Sugar will record the aggregate total volume and value of transactions conducted on the market to ensure that no more than 100 completed transactions with a total value (measured by sale price) of not more than $1.5 million, 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, Mackay Sugar 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 otherwise find a counter party themselves (i.e. a party that is not on the Register).
All share transactions are to comply with Mackay Sugar’s constitution available here https://www.mkysugar.com.au/Documents/Constitution.pdf
The matching, negotiation and execution of any transaction that occurs will take place between the Buyer and Seller without any involvement from Mackay Sugar. Mackay Sugar will not be involved in any communications between the Buyer and Seller and will not under any circumstances handle money related to the transaction. Settled transactions will be processed once the executed Share Transfer Form and Declaration have been received by Mackay Sugar. Once the transaction has been processed, i.e. confirming that the transaction is in accordance with:
- (a) Mackay Sugar’s Constitution; and
- (b) the rules governing the operation of the Share Trading Facility,
and the Mackay Sugar share register being updated, the Company Secretary will then update the register of Sellers and Buyers.
How to use the Share Trading Facility
If you wish to participate in the Share Trading Facility, whether as a Buyer or a Seller, the process for using the Share Trading Facility is as follows:
If, once you have registered as a Buyer or Seller, you wish your entry to be removed from the Register, please advise the Company Secretary in writing.
Questions and further information
If you have any questions in regard to the operation of the Share Trading Facility or would like further information, please contact the Company Secretary via the details below companysecretary@mkysugar.com.au.