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
- Public 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/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.
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 $100 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.
Shareholding details for Public Companies cannot be imported into CAS360 as ASIC does not store individual member details for public limited companies.