ASIC imposes restrictions on iBosses over failure to file financial reports

Maria Nikolova

The company, which has been positioning itself as a “leading provider of Entrepreneurship Training”, has failed to submit audited financial reports for the years to end-March 2017 and end-March 2018.

The Australian Securities & Investments Commission (ASIC) has earlier today announced yet another set of measures it has taken against iBosses Corporation Limited, a company that is claiming to be a “global leading provider of Entrepreneurship Training and Development”.

Today, ASIC says it has restricted iBosses from using certain disclosure exemptions when making public offers of securities for failing to lodge financial reports.

In particular, iBosses did not lodge audited financial reports for the years ended March 31, 2017 and March 31, 2018 within the three months required by the Corporations Act.

The company’s securities are currently suspended from trading on ASX. They have been suspended from Official Quotation from July 3, 2017.

Back in September 2017, ASIC has made a determination preventing iBosses and other relevant persons from relying on:

  • (a) the disclosure exemptions for sale offers of securities under section 708A of the Corporations Act;
  • (b) the disclosure exemption for rights issues under section 708AA of the Corporations Act; and
  • (c) the special prospectus content rules under section 713 of the Corporations Act.

ASIC’s determination applied until September 17, 2018.

In the announcement posted today, ASIC says it has made a determination that applies until June 4, 2020 and prevents iBosses from relying on:

  • the disclosure exemptions for sale offers of securities and for rights issues (s 708A and s708AA of the Act); and
  • the reduced prospectus content requirements for continuously quoted securities (s713 of the Act).

ASIC notes that it may impose restrictions on the use of fundraising disclosure exemptions where it considers that an entity has contravened the financial reporting provisions of the Act.

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