Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

I understand that. But there are obviously a lot of them that do, and they will buy and sell pretty much anything—such as movie tickets, concert tickets or whatever—and they will charge commission. So this is something I am going to watch very closely. It is, as you say, very high risk. It's illiquid.

I am also concerned about the exit strategies. What kind of requirements will there be for companies that set up and decide to list publicly or sell their assets or even their entire company to a third party? How will the contributions of unit holders, especially early unit holders, be valued in relation to the sale of the assets? I am also very interested on a personal level in how that would occur in relation to the existing shareholders, the ones who have already set up these businesses. How do their contributions get valued compared to new CSF shareholders?

I will give you an example. I've set up my honey business. I've worked on it for five years. It is my idea. I put the original capital in to make the prototype. I know it works. I then set up a CSF company. I raise $5 million. I have to come up with a value for issuing those CSF parcels to individual investors. How do we look at the interaction between how I value my own shares, because I set it up, and other shares? Is it preliminary to the CSF stage of development? When it gets to the next stage—if it ever gets to the next stage—where it is commercialised and monetised through the share market or for a sale, what requirements will there be to make sure that initial investors get looked after and get an adequate return? If there is no secondary market, how do you price that?