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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The relevance of a prospectus in the public issue of shares
Author:Nwafor, A.O.
Periodical:Lesotho Law Journal: A Journal of Law and Development
Geographic term:Lesotho
Subject:company law
Abstract:The prospectus provides a vital medium of information to prospective investors on a company's shares. The Lesotho Companies Act, 1967 supplants the 'buyer beware' mind set of the common law with compelled disclosure of relevant information. At the same time, in compelling disclosure, the Act recognizes the burden it places on issuers. This article examines the relevant provisions of the Companies Act imposing obligations on public companies inviting the investing public to subscribe for shares to ensure that they are duly informed of the prospects of the companies by accompanying such an invitation for subscription with a prospectus. A case is made for the establishment of a stock exchange in Lesotho, not only as a regulatory organ in enforcing the requirements of the prospectus, but also as a convenient forum for the members of the public to trade in companies' shares. Notes, ref., sum. [Journal abstract]