Buy and Sell Shares

The process of buying and selling (transferring) shares is set out in detail in clause 29 of the Company’s Constitution.

Key features of the transfer process are:

  • Shareholders can make their shares available for purchase at any time;
  • Purchasers can offer to buy shares at any time;
  • Shares can only be bought and sold at a fixed ‘Share Transfer Price’ (net asset backing per share), currently $167.92 (as per the Annual Report dated 22nd October, 2015);
  • Shares can be transferred to other parties, such as family, at any time;
  • All share transfers must be approved by the Board; and,
  • No person may hold more than 10% of Voting Shares.

Selling Shares

To sell some or all of your shares:

  1. Submit a completed Transfer Notice together with your Share Certificate to the Company Secretary.
  2. The Transfer Notice will be added to the bottom of the pile, awaiting the next Board meeting.
  3. At the next Board meeting, and subject to Board approval, the shares will be allocated from the top of the Transfer Notice pile to any registered purchasers until either the Transfer Notice or Office Notice piles are empty.
  4. Cheques will issued for all shares transferred.
  5. Should there be more shares available for sale than there are purchasers, then the remaining Transfer Notices will be held, in order, until the next Board meeting.

Buying Shares

To buy some shares:

  1. Submit a completed Offer Notice together with your Cheque to the Company Secretary.
  2. The Offer Notice will be added to the bottom of the pile, awaiting the next Board meeting.
  3. At the next Board meeting, and subject to Board approval, the shares will be allocated from the top of the Transfer Notice pile to any registered purchasers until either the Transfer Notice or Office Notice piles are empty.
  4. Share Certificates will be issued for successful purchasers.
  5. Should there be fewer shares available for sale than there are purchasers, then the remaining Offer Notices will be held, in order, until the next Board meeting.

Transferring Shares

To transfer some or all of your shares to another person, such as a family member:

  1. Submit completed Transfer and Offer Notices together with your Share Certificate to the Company Secretary as a single package (ie stapled together).
  2. At the next Board meeting, and subject to Board approval, the shares will be transferred as requested.
  3. A new Share Certificate will be issued for the transferred shares, as well as one for any shares retained.