Trading in the Company Shares
Mundaring Community Financial Services Ltd (MCFS) is an unlisted public company and disclosing entity. MCFS shares are not listed on any licensed market or exchange. To provide shareholders with some liquidity in its shares, MCFS has obtained 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) Exemption Notice 2003 (Exemption Notice).
MCFS shareholders wishing to dispose of any or all of their MCFS shares may either find a buyer for those shares or register their interest in selling those shares on the register of sellers maintained by MCFS in accordance with the conditions of the Exemption Notice. Likewise members of the public wishing to purchase shares that may be available can register their interest on the register of prospective purchasers maintained by MCFS in accordance with the conditions of the Exemption Notice.
Notice: The market operated by Mundaring Community Financial Services Ltd is a "low volume financial market" which is exempt from the licensing requirements of the Corporations Act 2001.
Mundaring Community Financial Services Ltd is not licensed to operate a financial market under an Australian market licence. Accordingly, it is not subject to those legal obligations, such as ensuring that the market is fair, orderly and transparent, that apply to operators of licensed markets.
Special Characteristics of Mundaring Community Financial Services Ltd
Under the terms and conditions of the Franchise Agreement we hold with Bendigo and Adelaide Bank Ltd and the company's Constitution there are some special characteristics that apply to the shares and the rights attached to them. Some of these characteristics are:
- "One shareholder one vote" contained within the Constitution. This is different to most public companies where there is one share one vote
- Shareholder limit of 10% of issued capital for individuals and related entities
- Capping of dividend to shareholders as a percentage of available profits
- Persons who cannot demonstrate a "close connection" with the community served by the company may be prohibited from acquiring shares in the company.
- Share transfers which result in the number of shareholders in Mundaring Community Financial Services Ltd falling below a fixed "base number" will be prohibited (this is currently set at a minimum of 100 shares)
- The Board of Mundaring Community Financial Services Ltd has the right to refuse to register any transfer of shares in their unlimited discretion
Overview of the MCFS Low Volume Market
The MCFS Low Volume Market is simply a list of interested buyers and sellers of MCFS shares. Any person who from time to time may wish to either buy or sell MCFS shares can request that interest to be recorded in the respective register of buyers or sellers. Registered parties are matched on a "first in first out" basis and prospective buyers are provided with interested sellers particulars. The negotiation of any transaction that occurs will then take place between the buyer and seller without any involvement from MCFS. Settled transactions will be processed by MCFS.
Rules of the MCFS Low Volume Market
Current List of Sellers and Buyers
Completed Transactions