Deemed public company status arises when private firms invite and accept deposits by advertisement, effecting conversion on acceptance or renewal. A private company that invites and accepts deposits from the public by advertisement is deemed to have become a public company upon such acceptance; acceptance by other means does not cause conversion. The circular dated 13 4 1989 clarifies that deposits accepted after an advertisement prior to 15 June 1988 will render the company deemed public only when any such deposit is renewed, the deemed conversion taking effect from the renewal date.