How to split shareholdings on ASIC

 

Question

How can I split shareholdings within ASIC and NowInfinity?

Answer

To split shareholdings a 492 Mistake Correction form will need to be lodged to update the original shares the shareholder was issued.

Example:

Shareholder 1 - 100 ORD shares $100 pps BO

Shareholder 2 - 100 ORD shares $100 pps NBO Test One Trust

Shareholder 2 should actually be 2 separate shareholdings each with a different Beneficial owner.

Shareholder 2 - 50 ORD shares $50 NBO Test One Trust

Shareholder 2 - 50 ORD shares $50 NBO Test Two trust

To achieve this the 492 form will be applied to the original issue of the shares which could be a 484 Issue of Shares or the Company Registration. For both you can fill out the 492 form within NowInfinfity however the difference is that if the change it applied to is for the Company Registration you will need to post the originally signed 492 form to ASIC via mail, while the other can be lodged online.

Within the text of the 492 form you would explain that the shares should have originally been split, advise how much each should own and if they are BO or NBO.

Note: Processing time for a 492 form can be up to 28 days.

Once the 492 form has been lodged and fully processed the share allotment will then reflect the split in both ASIC and NowInfinity.

 

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