ABSTRACT
Although private companies are prohibited from offering their shares or debentures (collectively referred to as ‘securities’ in the legislation) to the public under s 81 of the Companies Act 1985, public companies are able to raise capital from the public at large. To facilitate this, public companies may obtain a listing of their securities on The Stock Exchange Listed Market or on the Alternative Investment Market. Alternatively, public companies may issue their securities directly to the public without obtaining a listing. The issue of securities to the public by companies is subject to extensive statutory regulation and common law control.
