Question 1 [10 marks] Iron Ore Ltd plans to have an initial public offering (IPO)...
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Question 1 [10 marks] Iron Ore Ltd plans to have an initial public offering (IPO) where it will offer new securities for sale to the public. It wants to raise $11 million by selling its shares for $1.50 per share on the Australian Stock Exchange (ASX). Details of the IPO are expected to be as follows: Listing date 11 November 2022 Principal activities Mining exploration Issue Price $1.50 Issue type Ordinary Fully Paid Shares Capital to be raised $11,000,000 The companys board wants your advice on disclosure requirements of the company before it proceeds with the IPO, so that it can clarify what documents need to be prepared. Using your knowledge of Australian company law, write a memorandum of advice to the directors which:
(a) advises whether disclosure is needed for this offering of new securities [2 marks]
(b) advises which disclosure document you would recommend in the circumstances [2 marks]
(c) explains what information needs to be contained in this disclosure document [6 marks]
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