The initial minimum subscription will be $500,000. SIAL has the discretion to accept lesser subscriptions provided the investor meets the definition of a Wholesale Client as defined by the Corporations Act, in which case the minimum investment is $100,000. A person can qualify as a Wholesale Client if one of the following criteria applies:
- investment of at least $500,000 in this offer;
- the units are acquired other than in connection with a business, and the person who acquires the units provides SIAL (before the units are issued) with a copy of a certificate by a qualified accountant (as defined in section 88B of the Corporations Act) who has signed the certificate within the preceding two (2) years, certifying the investor has net assets of at least $2.5 million or they have a gross income for each of the last two (2) financial years of at least $250,000;
- the units are acquired for use in connection with a business that is not a small business;
- the person is a “professional investor” as defined in section 9 of the Corporations Act; or
- SIAL is satisfied on reasonable grounds that the investor has had previous experience in investing in securities, enabling them to assess the merits, value, and risks of the offer and the investor’s own information needs.
New investors who wish to contribute an initial investment of less than $500,000 should contact one of the SIAL directors here to ensure they meet the requirements for qualification as a Wholesale Client.