Clause 256

An offer to the public of shares in or debentures of, or units of shares in or debentures of, a company for subscription or purchase, or an invitation to the public to subscribe for or purchase shares in or debentures of, or units of shares in or debentures of, a company shall be deemed to be an offer to the public if it is an offer or invitation by means of a rights issue which is renounceable in favour of persons other than existing members or debenture holders of that company and an application has been or will be made for permission to deal with or quote such shares or debentures, or units of shares or debentures, on any securities exchange.

Where subsection (1) applies to any offer or invitation in respect of shares in or debentures of, or units of shares in or debentures of, a company, an abridged prospectus shall be lodged with the Authority containing the prescribed particulars.

Any abridged prospectus lodged under subsection (2) shall be deemed to be a prospectus for the purposes of this Division and all written law and rules of law as to contents of prospectuses (to the extent that may be applicable) and as to liability in respect of statements in and omissions from prospectuses or otherwise relating to prospectuses shall apply to an abridged prospectus and have effect accordingly.

Nothing in this section shall be construed as preventing a full prospectus being registered containing the particulars as prescribed by the Authority in respect of an offer or invitation referred to in subsection (1).