ASIC crackdown on Myer share offer documents

Jennifer Hawkins-laden prospectus spruiking the 2009 float of Myer has drawn the ire of the corporate watchdog.

ASIC regulators regard the prospectus, which features five pictures of former Miss Universe Jennifer Hawkins and one each of Dannii Minogue's partner, Kris Smith, and model Rebecca Judd, as including too much marketing material at the expense of informing investors.

ASIC also said that in addition to being too heavy with marketing copy, prospectuses were too vague, too repetitive and too long.

Prospectuses should also disclose when celebrities featured in them were being paid to do so.

Directors are also to be required to disclose previous bankruptcies, bannings and relevant convictions.

ASIC has already demanded that some prospectuses include more information about business models.

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