When a company is imported from ASIC into CAS 360, the following in relation to Shares and shareholdings that need to be reviewed:
- Historical shareholdings
- Differing share values
- Fully paid shares showing as unpaid
- Public Shareholdings
Historical Shareholdings
When the company data has been imported, ensure to update the dates for the shareholders.
Importing Shareholders will allow users to enter the balance date the shares at either the import date of the RA71 or the Company Registration date.
This is due to ASIC not retaining shareholder dates on their database.
The Shareholders will also be entered as Balance type transactions.
In the shareholders screen, beside the shareholders, click and select Edit.
- If these shares were transferred, change the subscriber for this allotment to the previous shareholder, then process a Share Transfer to the current shareholder.
To change the transaction dates for shareholders, see How to Update or Change Shareholder Dates for more information.
Differing Share Values
In regards to shares, ASIC looks at the total value of shares and the total number of shares. For each share type, the amount paid per share is assumed by ASIC by dividing the total value of shares by the total number of shares.
This may cause an issue if a company has done multiple capital raises, and has issued the same type of shares (e.g. Ord shares) with different values.
Example:
100 $1 Ordinary shares were issued on 01/07/2017. 100 $3 Ordinary shares were issued on 01/01/2018. On 01/07/2018 100 $1 A Class shares were issued.
ASIC will assume the company now has 200 $2 Ordinary shares and 100 $1 A Class Shares.
If the company is imported this is how the shares will appear in CAS 360.
To rectify this, each shareholding will need to be edited from the Shareholders screen.
See: How do I edit a share type?
Fully paid shares showing as unpaid in the share register after import
ASIC's data doesn't show which shares are fully paid and which are partly paid. It only provides the total amount paid and total amount unpaid for each share class. When you import the company, CAS 360 averages these amounts across every shareholding in the class. If a class has a mix of fully paid and partly paid shares, every shareholding will show the same averaged unpaid amount, including the ones that are fully paid.
Re-importing or importing the company again won't fix this, because the import uses the same ASIC totals.
Example:
100 Ordinary shares are fully paid at $1.00. Another 100 Ordinary shares are paid to $0.50, with $0.50 unpaid.
ASIC holds 200 Ordinary shares with $150 paid and $50 unpaid. After import, CAS 360 shows all 200 shares as paid $0.75 and unpaid $0.25.
To record the correct amounts, enter the share details manually for each shareholding:
- In the Shareholders screen, beside the shareholder, click
and select Edit.
- Clear the Share Type field, then select a share type with the correct amount paid. If it doesn't exist, click + Add New to add it. For partly paid shares, enter the Amount Unpaid.
- Click Save.
When you're done, select Compare with ASIC in the Shareholders screen to check that the class totals still match.
See: How do I edit a share type? and Partly Paid Shares / Changes to Amounts Paid
Public Shareholdings
Shareholding details for Public Companies cannot be imported into CAS360 as ASIC does not store individual member details for public limited companies.