In what circumstances may a public company register a statement in lieu of prospectus with the registrar?
ANSWER
When a private company goes public in accordance with the provisions of the Companies Act, a copy of a statement in lieu, if any, must be delivered to the registrar within 14 days of the resolution effecting the change.
• If a public company having a share capital has not issued a prospectus with reference to its formation or has issued one but has not proceeded to allot any of the shares offered, no share should be allotted until at least after 3 days, after delivery to the registrar for registration, a statement in lieu of prospectus, signed by all persons who are named or proposed directors and containing the particulars of Part 1 and II of the 4th Schedule.
• If a public company has failed to raise the minimum subscription, to facilitated the issue of a certificate of trading, these must be delivered to the registrar for registration inter alia a statement in lieu of prospectus.