(Note: The guidance below relates to Corporate Messenger accounts with Managing Transactions module activated)
Question
Why is there a Not Disclosed record? How can I resolve the non-beneficially held share discrepancies?
Answer
The NowInfinity System will try to match shareholdings with ASIC. Where shares are non-beneficially held, the system may create a "Not Disclosed" record if it cannot accurately match a shareholding instance with ASIC.
Disclosure: NowInfinity is continuously improving the logic to more effectively inform Users of discrepancies in Members' shareholdings.
As NowInfinity continues to improve ASIC matching, Users can carry out the following steps to resolve the immediate discrepancy.
Navigate to Menu > Corporate Messenger > Companies > Company Profile > Share Summary.
1. Check the values reflected for the shareholding with the correct beneficial owner. In this example they hold 1 ORD share and $1 paid.
Note: The ASIC figure for this shareholding will show as 0 as according to the data received by ASIC this shareholding is not valid.
2. Select the pencil icon of the shareholding with Not Disclosed.
Note: The ASIC figure for this shareholding will show the amount ASIC have recorded as according to the data received by ASIC this is the most current shareholding.
3. Edit the Number of Shares and Total Amount Paid fields to reflect the same amounts as found in Step 1 > click Save Changes.
4. After the Not Disclosed shareholding has been updated the member balance issue icon will only remain for the shareholding with the beneficial owners name.
5. To remove the duplication select the blue plus next to the shareholding with the beneficial owner's name > select Add Transaction.
6. Select Reconciliation (Debit) as the Transaction Type > select the most current allotment of shares under the Available Shares field > select Save Transaction.
Note: The Transaction Date can be any date you wish to enter or you can base it off the date recorded under the Not Disclosed shareholding.
7. Before the page refreshes copy the Beneficial Owner's name of the shareholding you just edited with the Reconciliation transaction.
8. Go to the Main Profile page > find the shareholder > select the pencil icon under the Beneficial Status field > paste the Beneficial Owner's name > select the tick icon to save.
9. After refreshing your page and navigating back to the Share Summary page the shareholdings should now reflect correctly with no duplication and the shareholding that was originally Not Disclosed is now reflecting the correct name.
Note: Although some changes were applied, such as the Reconciliation transaction, all history for the shareholder will remain unchanged within the Share Transactions page.