Subject to the governing documents, a company may convert shares from one class of shares to another. Section 246F(1)(b) of the Corporations Act 2001 states that a company must lodge notice in the prescribed form following “a conversion of shares in a class of shares in the company into shares in another class.”
In order to notify ASIC of this change, a Form 211 Notification of division or conversion of classes of shares will need to be lodged. In order to avoid late fees, this form will need to be lodged within 14 days of the date of the conversion and cannot be lodged online.
