The parties are Frank Larry, Abena Manu and the Parentsgold Company
Abena
Abena withdrew her offer or revoked it within an allowed waiting period of ten days from the date of the publication of the prospectus.

• Section 281 (1) explains “the waiting period” to mean a period of ten days after the first publication of a registered prospectus or such longer period as may be stated in the prospectus as the period prior to the expiration of which applications, offers or acceptances in response thereto will not be accepted or treated as binding.
• Section 281(2) of the Companies Act, 1973 (Act 179) clearly lays it down that any application, offer or acceptance by any person in response to an invitation to the public in respect of any securities of any public company shall be revocable by such person at any time prior to the expiration of the waiting period. Abena acted within her rights and her withdrawal cannot be opposed by the company in any way.
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  Frank
• The case of Frank Larry is not straightforward but here, candidates should be guided by the principle of the law of contract which states that an offer must be accepted within a reasonable time, where no particular period is stipulated for acceptance. Where an offer is not accepted within a reasonable period, it is deemed to have lapsed.

So the period taken by the company to accept Frank Larry’s application was over 8moths and during that time, no effort seemed to have been made to get Frank to agree that his offer remained active. In the circumstance, Frank’s application should be deemed to have lapsed. The fact that his application money remained with the company for over 8months does not give the company rights against him and his refusal must hold.
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Parentsgold Ltd

• It appears the company has no rights against either Frank or Abena.
• The company is obliged to refund the application moneys paid by both applicants because Abena validly revoked her offer and there was a lapse in the offer made by Frank Larry.
• The applicants may by court order demand some interest on the monies.
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• Additional capital from shareholders
• Loan capital from banks, financing houses etc
• Funds from friends, private investors
• Investment from venture capital
• Invitation to the public – In respect of securities and invitation for the deposit of money
• Rights issue

• The number and class of shares held by the shareholder and the definitive numbers thereof, if any.
• The amount paid on such shares and the amount, if any, remaining unpaid.
• The name and address of the registered holder.

• Alter the number of its shares or the amount remaining payable thereon, except under certain conditions.
• Release any shareholder or former shareholders from any liability on the shares.
• Provide any financial assistance, directly or indirectly for the subscription or purchase of its shares, or the shares, of its holding company.
• Acquire by way of purchase or otherwise, directly or through nominees, any of its issued shares or any shares of its holding company.

• The purported alteration or release become void and renders every officer of the company who is in default liable to a fine not exceeding one hundred Ghana cedis (GH¢ 100.00). 2 marks.
• As regards a breach involving provision of financial assistance and acquisition by way of a purchase or otherwise, the transaction becomes voidable by the company and any payment made by the company in respect thereof becomes immediately repayable with interest at the rate of 5% per annum or such higher rate as the court may deem fit to order.