As part of the Adjustment Subsidy Program a subsidised share trading market (market) commenced on 1 May 2017 for registered shareholders who wished to acquire or sell shares in preparation for the new share linkage arrangements which commence from December 2017.
The market facilitated the trading of shares by anonymously matching bids to buy and offers to sell shares submitted by commercial fishers. The share trading program applied the available subsidy to purchases made by active fishers.
The market operated as set out in the market rules document provided to all fishing business owners in their registration pack.
In most share classes, share caps were placed on the number of shares that could be purchased in the market by any one business, to ensure an equitable distribution of successful buy bids.
Share caps were generally calculated as follows, except where the Director General has determined that a different share cap applies (see tables below) :
Share classes that went to an Independent Allocation Panel or that had no new share linkage arrangements, were not subject to a share cap in the market.
A manual with key information about the market, how to set your password, how to place bids/offers, how to interpret results, and troubleshooting is now available.
Things you need to know
The original rule on share caps needed to be expanded for two reasons. First, in some share classes, the highest level of deficit was still quite low and using that as a cap would have severely constrained trading. The second reason was that some share classes had no one with any deficit and would therefore have no cap. Those classes have been capped at 125 shares to allow trading but prevent large aggregations using subsidy.
The pdf below provides more detailed information about the subsidised share trading market such as why an online market program was used, an overview of the market process, how bids and offers were matched, how uniform pricing worked and how the Government subsidy was allocated within the market.
If you have any questions regarding this document, please contact the Business Adjustment Program hotline on 1300 726 488.
The role of the Evaluation Panel was to evaluate completed rounds of the share trading market and make recommendations to the Director General DPI on whether to close the market or hold another round of bidding.
Following the close of each round of bidding, the team from the Technical University of Munich (TUM) ran the market software developed to match bids and offers, determine a market price in each share class, and allocate subsidy. The Evaluation Panel only considered summary information rather than individual bids/offers or outcomes.
In their review, the Evaluation Panel also assessed how well the following objectives (in order of priority) have been achieved:
The Evaluation Panel considered that the market objectives have been sufficiently achieved, having regard to all share classes in aggregate, and recommend that the Director General DPI close the market.
Registered fishers can now log in to the market site to view the outcome of their bids and offers placed in Round 3.
Download the ‘Round outcomes – what they mean’ flyer for more information about what the outcome means, and also answers to some questions you may have.
If you have any questions regarding the outcome of Round 3, please contact the Business Adjustment Program hotline on 1300 726 488.
Probity for the Subsidised share trading market is being managed by an independent probity adviser.
If anyone suspects unethical or anti-competitive behavior during the Subsidised share trading market, incidents can be reported anonymously via the link below and will be investigated accordingly.
Report an incident.