Ireland · Branches, existing bodies, public offers and investment companies
Public offers of securities: prospectus statements, minimum subscription and local offers
the Companies Act 2014 · sections 1353 and 1358 to 1361
Money from applicants must be repaid once the minimum subscription fails
An offer that fails to reach its minimum subscription does not simply lapse. Where section 1359(2) applies, all money received from applicants for shares must be repaid forthwith after the events section 1359(2)(a) identifies, and the further consequence in section 1359(2)(b) then follows. Money retained past that point is held without authority.
An avoided allotment creates a filing as well as a refund. Where an allotment is avoided under section 1360, the PLC must, within 30 days after the date of avoidance, deliver to the Registrar what section 1360(2) requires. The company that refunds the applicants and stops there has left the register showing an allotment that no longer exists.
Sections 1353 and 1358 to 1361 govern public offers of securities and who approves the document
Sections 1353 and 1358 to 1361 govern public offers of securities: the statements that must accompany an offer, the minimum subscription, the treatment of local offers and the consequences of an offer that does not proceed. The Part sits alongside the separate prospectus regime, so satisfying one does not answer the other.
The obligations here fall on the company making the offer and on the officers responsible for the offer document. That is why the file asks who approved the document and on what date, rather than only what the document said.
The system generates your ComplianceSME company passport and then walks you through the working files
Working file 172 of the IE-COMPANY agent toolkit covers this situation on its own. It works through each offer made, the statements included, the minimum subscription set and reached, the treatment of application money, any allotment avoided and the notification that followed, with the date of each step recorded as evidence.
- Working file 172 · Public offers of securities: prospectus statements, minimum subscription and local offers
Free, with a free account
The working files above open from your ComplianceSME account at no charge, and so does the rest of the Companies Act 2014 toolkit: 215 working files across the 75 situations a company registered in Ireland can be in. Working file 1 runs first and builds the company passport; after that you open each working file as its situation arises.
A working file runs in Claude. You ask the ComplianceSME connector for it in a dedicated premium seat on the Claude Team plan. It asks one question at a time, then returns the document the Companies Act 2014 names, citing the Act's section at every step. Nothing is downloaded and nothing is installed.
The report stays yours, ready for a bank, an insurer, a customer or an inspector. Your dashboard shows every working file and its state.
Open this working fileComplianceSME tracks the Companies Act 2014 and updates the toolkit on your account through the Compliance Complete account, so that you are never working from a superseded version. Compliance Complete