A
public offering prospectus is required to be submitted to the SC for registration where there is an issue, offer for subscription, or an invitation to subscribe for or purchase any securities. An
abridged prospectus is required when there is an issue, offer for subscription or purchase, or an invitation to subscribe for or purchase securities by means of a rights issue which is renounceable in favour of persons other than existing members of that corporation and in respect of which an application has been or will be made for permission to deal with or quote such securities on a stock market of a stock exchange. A
supplementary prospectus is required where, between registration of a prospectus and issue of securities, the issuer becomes aware that :-
- a matter has arisen and information in respect of that new matter would have been required to be disclosed in the prospectus if the matter had arisen at the time the prospectus was prepared;
- there has been a significant change affecting a matter disclosed in the prospectus;
- the prospectus contains a material statement or information that is false or misleading; or
- the prospectus contains a statement or information from which there is a material omission.
Changes requiring a supplementary prospectus can consist of :-
- changes to the body of the original prospectus; and/or
- changes to experts’ reports included in the original prospectus; and/or
- changes to information in supplementary prospectus (including new reports) previously registered in relation to a particular prospectus.
A supplementary prospectus can be issued in relation or as a consequent to a public offering prospectus, abridged prospectus or a supplementary prospectus.