You do not need a LIQUIDITY account. You can lodge an EOI (Expression of Interest) on any deal. Open the deal page, click Apply Now and complete the short form. It asks for:

• your first and last name
• your email address
• your mobile number
• your bid amount, the dollar amount you would like to invest
• confirmation that you hold an s708 certificate (you only provide it if we accept your interest)
• for prospectus offers such as IPOs, confirmation that you have read and understood the prospectus.

An EOI is not binding and no money is paid at this stage. If we accept your interest, we contact you to confirm your allocation and collect your details, ID and s708 certificate.

Without an account

You may need to provide your details, ID and s708 certificate again for each new deal.

For ASX and NSX deals, your shares can be issued to a HIN you hold with another broker, or as an issuer-sponsored holding (SRN) with the company’s share registry. We confirm the settlement options for each deal when we confirm your allocation.

Already have a LIQUIDITY account?

Log in and lodge your EOI without entering your details again. Your ID and s708 certificate are already on file, so accepted bids move faster. See How do I open an account above to open one.

Once the offer terms are final and demand is known, we contact you to confirm your allocation. To turn your EOI into a firm bid, you confirm the amount and complete the application.

If we do not already hold them, we will ask for your details, ID and a current wholesale investor (s708) certificate from a qualified accountant. The certificate must be no more than 6 months old.

A firm bid is a binding commitment to take up the shares allocated to you, at the offer price and on the terms in the offer documents. Once your firm bid is accepted, you are expected to pay for your allocation by the settlement date.

Allocations are at the discretion of the company and LIQUIDITY and may be scaled back if the offer is oversubscribed.

Your allocation confirmation sets out how much to pay, how to pay and the due date. Most deals settle in one of two ways.

Direct settlement. You pay the company, or the account it nominates, directly by BPAY or EFT before the settlement date.

DVP settlement. Funds are drawn from the cash account linked to your LIQUIDITY account, such as a Macquarie CMA, at the same time the shares are delivered to you.

The shares are issued to you on the allotment date.

ASX and NSX deals. Your shares are delivered to the HIN in your LIQUIDITY account and appear in your portfolio, ready to trade once they are quoted.

Private and unlisted companies. You are recorded on the company’s share register and receive a holding statement from the company or its share registry.

A HIN, or Holder Identification Number, is a unique number that is issued by the Australian Securities Exchange (ASX) to identify you as a CHESS sponsored shareholder. CHESS is the Centralised Clearing House Electronic Settlement System, which is a system that records all share ownership in Australia.

When you open a Liquidity account you obtain your own HIN to hold your stock securely, with you as the secure holder and owner.

Macquarie Cash Management Account’s (CMA) are a type of bank account designed with investors in mind. They offers a number of features that are not available with traditional bank accounts.

Direct Settlement involves you (the investor) paying money directly to the company you are investing in either by BPAY or EFT.

Your shares are then delivered directly into your Liquidity account on the settlement date.

Delivery Versus Payment Settlement (DVP) is a securities settlement method that guarantees the transfer of securities only happens after payment has been made. DVP stipulates that the buyer’s cash payment for securities must be made prior to or at the same time as the delivery of the security.

Liquidity Dollars are our way of giving back to you for Investing in companies through Liquidity.

Unlike other capital raising houses, we give back a portion of the capital raising fee to you in the form of Liquidity Dollars.

Liquidity Dollars can be: redeemed for cash to offset your brokerage, be rolled in to future deals on Liquidity, or be utilised for premium products and experiences.

LIQUIDITY offers securities to wholesale clients only. Every investor sits inside one of the exemptions in section 708 of the Corporations Act. People use “708 investor” to mean a sophisticated investor. It is broader than that. Section 708 has several pathways and you only need to meet one. The two most common are :

Sophisticated investor. s708(8)(c) and (d). Net assets of at least $2.5 million, or gross income of at least $250,000 in each of the last two financial years, certified by a qualified accountant. The certificate must be given no more than 6 months before the offer. The same test covers a company or trust controlled by a person who qualifies.

Experienced investor, assessed by a licensee. s708(10). The offer is made through an AFSL holder who is satisfied on reasonable grounds that you have previous experience investing in securities sufficient to assess the offer, the value, the risks, your own information needs and the adequacy of the information provided. The licensee gives you written reasons and you sign an acknowledgment that no disclosure document has been given. There is no wealth test in this pathway.

What it means for you. You receive less information than a retail investor and carry more of the assessment yourself. Wholesale offers are often illiquid, unlisted or early stage. Being wholesale does not mean you are barred from receiving a disclosure document. The issuer simply is not required to give you one. Where we provide an information memorandum or investor pack, the law against misleading or deceptive conduct applies in full.

You do not need 708 status for an IPO. A 708 pathway is only relevant to offers made without regulated disclosure. An IPO is the opposite. It is made under a prospectus lodged with ASIC, so it is open to retail and wholesale investors alike and no certificate or wealth test applies. Where the two meet is the pre-IPO round. That is usually a wholesale only offer under s708, priced below the intended listing price, and it closes before the prospectus is lodged.

Other Pathways can include, Large investment. s708(8)(a) At least $500,000 payable on acceptance. No certificate needed. Professional investor. s708(11) AFSL holders, APRA regulated bodies, super fund trustees with net assets of at least $10 million, listed entities, and anyone who has or controls gross assets of at least $10 million. No certificate needed. Offers to senior managers and their families, and a small number of further exemptions under s708(13) to (21).

A convertible note is a type of debt instrument that can be converted into equity at a later date. It is a popular financing option for startups and early-stage companies because it allows them to raise capital quickly and easily without having to go through the lengthy and expensive process of issuing traditional equity.

Seed investments are a critical source of capital for early-stage startups. They provide the funding that startups need to get off the ground and start growing. Seed investors can also provide valuable mentorship and guidance to help startups succeed.

There are many benefits to getting a seed investment. First, it can provide the capital that startups need to build their product or service, hire employees, and market their business. Seed Investments also usually occur at low valuations creating the potential to generate significant returns.

Seed Investments are often high-risk investments. This is because startups are young and unproven, and there is a risk that they may not succeed.

A Pre-IPO is an investment opportunity that allows investors to purchase shares in a private company before it goes public. Pre-IPOs can be a risky investment, but they also have the potential to generate significant returns. If you are considering investing in a Pre-IPO, it is important to do your research and understand the risks involved.

Pre-IPOs are typically offered to accredited investors, such as high-net-worth individuals and institutional investors.

An initial public offering (IPO) is when a private company sells shares of its stock to the public for the first time. This allows the company to raise money from a wider pool of investors and become a publicly traded company.

Going public can be a major milestone for a company, and it can offer a number of benefits. For example, an IPO can help a company raise capital to fund growth, expand its operations, or make strategic acquisitions.

A placement is when a company issues new shares to a select group of investors, usually sophisticated and professional investors, without a prospectus.

ASX-listed companies can generally place up to 15% of their shares in any 12-month period without shareholder approval under ASX Listing Rule 7.1. Eligible smaller companies may place a further 10% under Listing Rule 7.1A.

Placements are usually priced at a discount to the recent share price. Once issued, the new shares are quoted and you can trade them like any other shares.