Information memorandum and red-herring prospectus: required disclosure of variations and individual withdrawal and refund rights for subscribers. A public company may circulate an information memorandum before filing a prospectus but must file a red-herring prospectus at least three days before opening subscriptions; both carry prospectus obligations. Any variation between the information memorandum and red-herring prospectus must be highlighted and individually intimated to invitees. Advance subscription monies, post-dated cheques or stock-invest must not be encashed before opening unless subscribers are individually notified of variations and offered an opportunity to withdraw; withdrawal is exercisable within seven days. Applications acted on without proper variation notice are void and subscribers are entitled to refund and interest. A final prospectus stating total capital raised and previously incomplete particulars must be filed on closing.