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<h1>Red herring prospectus: companies may use preliminary prospectuses with incomplete price particulars subject to filing and disclosure obligations.</h1> A company may issue a red herring prospectus omitting complete particulars of quantum or price; it carries the same obligations as a prospectus, any variations must be highlighted, must be filed with the Registrar before opening the subscription list, and after closing the offer a final prospectus stating total capital raised, closing price and omitted particulars must be filed with the Registrar and the securities regulator.