The site, www.realestateview.com.au is seeking to raise up to AU$1.74 million for business development and operations.
It has now been forced to issue a supplementary offer information statement, disclosing more detail about its revenue forecast for the coming year and growth forecasts extending to the year 2005.
-ASIC was also concerned about the possibility that some of the assumptions may have been hypothetical rather than best estimates," the corporate watchdog said in a statement.
-Prospective investors require full disclosure about underlying assumptions in a prospectus so that they can make an informed, independent assessment about the merits of an investment", ASIC's Director Corporate Finance, Richard Cockburn said.
According to postings on the portal "the site was developed to regain control over the quality of real estate listings and advertising and halt the growing expense of operating through the large media companies,"
"realestateview.com.au is an industry-owned Web site instigated by Victorian real estate agents and their industry body, the Real Estate Institute of Victoria".
In the case of realestateview.com.au, shares were to be issued to people involved in the formation of the companies, however, in ASIC's view the initial disclosure about the circumstances and the issue price of the shares was inadequate.
