This enables it to raise finance by the issuing and sale of shares to the public, such as through advertising, but without listing on an exchange.
[3] Though the criteria vary somewhat between jurisdictions, a public company is a company that is registered as such and generally has a minimum share capital and a minimum number of shareholders.
Each stock exchange has its own listing requirements which a company (or other entity) wishing to be listed must meet.
The report is to be distributed to shareholders 21 days before an annual general meeting or four months after the end of the financial year.
These rules are in place because members of the public who have invested in such companies are not always in a position to get information about the companies' performance, and so would not be able to monitor their investment and determine the return on their investment.