West Winds Gin is seeking to raise $3.5 million to fund its plans to expand its operations. The capital will be raised through equity crowdfunding – an exercise that allows members of the public over the age of 18 to invest in businesses not listed on the ASX.
This West Winds Gin offer marks one of the first equity crowdfunds in Australia. Interested ‘every day investors’ can get a stake in the popular Western Australian distillery from as little as $500, via the online platform Equitise, and effectively become shareholders in the company.
This equity crowdfunding exercise triggers a reminder to licensees of the licensing authority’s requirements in respect of changes to a licensee structure, including the appointment of new shareholders.
In the case of body corporates, if a licensee is a private entity, it must apply to the licensing authority for approval in respect of any new director or shareholder. In the case of a licensee that is a listed public company, only new directors are required to be approved.
Licensees are also reminded that approval must be sought and obtained from the licensing authority prior to any new appointment. Unauthorised changes to the licensee structure could attract a fine of $10,000.