Hi James, you do need to register with PM, and then complete KYC/AML, but you do not need to complete the sophisticated investor section in order to sell. Note that you do need to be a SI in order to buy, however, the eligibility criteria is “substantial wealth”, ie you need something in the order of $2.5m AUD capital outside of your primary residence is just one of the criteria. So in future, and as far as we know, only SI can purchase 9sp shares.
I suspect there has been no buying due to lack of understanding of the KYC/AML process, combined with the lack of communication from 9sp management. In particular, shareholders are most likely waiting for the much promised market update from 9sp. First, in Kevin’s last update he stated “the board will provide an operational and customer update in due course”, has anyone been updated? Second, in Shelly’s discussion with the media recently she was quoted as saying “We just want to make sure we provide shareholders with the maximum amount of information so that any trading is done with full disclosure.”, she also indicated on April 12 that “more information would be shared with holders in about 2 weeks”. So given the above, why would you sell right now without said “full disclosure of company information”. Is it reasonable to assume that sellers will wait for full disclosure?
