- The trading platform
- Buyer questions
- Seller questions
- General
- Settlement related
- Payment related
- Glossary of terms
Trading platform
Understanding the Share Trading platform
The Company is facilitating a matching service (Service) for people to buy and sell Shares through the System.
The Company will make the Service available for a set number of days. This is referred to as the Trading Event. The Trading Event will be open from the time the Company declares it open until the time it designates that it is closed.
Sellers: Anyone who is an existing shareholder of the Company when the Trading Event opens can sell their Shares.
Buyers: Anyone who is an existing shareholder of the Company, and any other person that the Company invites to participate in the Service.
Any person who is an Associated Person of the Company will be required to make certain disclosures on the System if they are either buying or selling any Shares. This is set out in more detail here and in the Participation Agreement.
The Market Clearing Price model is typically used where there are multiple small buyers and sellers. It is generally considered the simplest way to find the price of an asset when that asset is being traded within a defined event.
The share price will be published on the Trading Page in ‘real time’ so that price will be likely to change throughout the Trading Event. It will reflect the clearing price of buyers and sellers (bids and offers) at any given point in time.
You will need to login or click here to access the Trading Event.
As part of the login process, you will need to sign the Participation Agreement. You can sign this electronically by typing your initials.
Buyer (bidder) questions
Understanding how to buy to shares through the Share Trading platform
Once your bid has been confirmed, you will be sent updates by the Company during the Trading Event and notified of tentative results when the Trading Event closes.
The Company will confirm the final Market Clearing Price when the Identity Checks have been completed on all participants.
The funds will be debited from your account within 5 Business Days from this time.
Yes. You will be required to sign a transfer form. You may also be required to sign a Deed of Accession or a Nominee Deed Poll (if shares are held in a nominee). This makes you a party to the Company’s existing Shareholders’ Agreement. This document must also be witnessed.
These are generally identity verification checks and source of funds information. The precise checks may change depending on the value of your bid. These are set out in more detail in the Participation Agreement.
Yes, provided that you comply with any minimum size bid requirements.
Yes, provided that you do so before the Trading Event closes.
Yes. The price is not finalised until all buyer funds have been collected. While buyers are legally obliged to fund the purchase of shares, practically there maybe circumstances where these funds cannot be collected.
Seller (offeror) questions
Understanding how to buy to shares through the Share Trading platform
Once your offer has been confirmed, you will be sent updates by the Company during the Trading Event and be notified of tentative results when the Trading Event closes.
The Company will confirm the final Market Clearing Price and final results when the Identity Checks have been completed on all participants.
Yes. You will need to sign an electronic transfer form which can be signed electronically by typing your initials.
These are generally identity verification checks and confirmation of bank account details. The precise checks may change depending on the value of your offer. These are set out in more detail in the Participation Agreement.
Yes, provided that you comply with any minimum size offer requirements.
Yes, provided that you do so before the Trading Event closes.
Yes. The price is not finalised until all buyer funds have been collected. While buyers are legally obliged to fund the purchase of shares, practically there maybe circumstances where these funds cannot be collected.
General
Yes. If a seller makes an offer, or a buyer makes a bid, at any time within the last 30 minutes of the Trading Event (referred to as a Late Action), the Trading Event will automatically be extended by 30 minutes.
If the Late Action has the effect of changing the clearing price by more than 5%, the Trading Window will automatically be extended by 60 minutes.