Managing Public Company Shareholders

Are public companies supported in Managing Transactions?

The Managing Transactions feature is enabled for any company with shares.

These companies include NowInfinity’s:-

1. Standard Company;
2. SMSF Special Purpose Company; and
3. Public Company Limited by Shares.

When do share details get updated in NowInfinity?

In Corporate Messenger, users gain direct control over their companies’ share details, ensuring data accuracy and compliance.

After ASIC lodgements are made via Corporate Messenger, the corresponding Company Profile will be refreshed to validate and check ASIC’s records against those within the Company Profile. If discrepancies arise, a Member Balance Issue pin and banner will appear within the profile for review to rectify any differences (see Discrepancy Notification Feature for detailed guidance).

For the latest share details, users can initiate a Company Refresh. This action prompts NowInfinity to fetch and compare the most recent Company details from ASIC, providing an essential layer of validation and accuracy.

Requests to ASIC are submitted under the user's ASIC agent ID, encompassing both automatic validations and manual transactions.

Why are all shareholders not being updated?

The update limitation for shareholders arises from ASIC's system constraints, which only allow the details of the top 20 shareholders to be included when requesting a Company's information. This restriction means NowInfinity can only validate and compare the details of the top 20 shareholders as per ASIC's most recent data for each Company.

For Companies with more than 20 shareholders, managing details for those outside the top 20 rests with the user. However, it's possible to validate the aggregated balances for different share classes against the overall share structure within NowInfinity, ensuring broader compliance and data integrity even with these limitations.

Can share details for shareholders outside the top 20 be checked?

NowInfinity's capability to validate share details is based on ASIC's RA71 (Request for Company Details), which focuses on the top 20 members/shareholders. For shareholders beyond the top 20, information should be directly taken from ASIC's website or through Information Brokers for comprehensive document extracts.

How to manage company shares for shareholders outside the top 20?

Users can take the following actions in the Members Holding Balances table:

1. Add New Transaction via Share Summary:
   1. To add shareholders/transactions outside the top 20;
   2. To add shareholders/transactions for historical records;
   3. To add shareholders/transactions to record changes made externally; and
   4. To maintain shares of shareholders outside top 20, to ensure balances are up-to-date.
2. Edit/correct transactions via Share Transactions:
   1. To edit/correct shares held of shareholders outside the top 20; and
   2. To maintain shares of shareholders outside top 20, to ensure balances are up-to-date.