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1. Professional Investors – An individual or entity who controls at least $10million of investments, securities, or holds an Australian Financial Services Licence.
2. Sophisticated Investors – An individual who has aggregated net assets of $2.5 million, or has aggregated gross income for each of the last two financial years of at least $250,000 a year. A qualified accountant must certify the person satisfied one of these criteria and this certification must be renewed every two years.
3. Experienced Investors – Where an AFSL holder such as Ballie Asset Management is satisfied on reasonable grounds that the person to whom the offer can be made has previous experience in investing in securities that allow them to assess:
- merits of the offer
- value of the securities
- risks involved in accepting the offer
- their own information needs, and
- adequacy of the information given by the person making the offer.
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