Panther is the director of a proprietary limited company called Panther Top Flyte Pty Ltd. Panther Top Flyte Pty Ltd is in need of funding to market and develop a revolutionary new golf ball in Australia.

Panther approaches you about whether his company can issue debentures to raise funds from investors for the venture.

Panther tells you he requires about $7,000,000 to market and develop the balls.

He also doesn't want to spend too much on legal fees.

1. Advise Panther what statutory limitations are placed on the 'type' of company to be used in respect of issuing debentures to raise the necessary funds.
2. Advise Panther which statutory exemptions he could make use of to enable his company to issue debentures.
3. Assuming now that Panther converts his company to an unlisted public company, advise Panther on the types of 'disclosure documents' he could use for the purpose of offering debentures and which 'disclosure document' may be preferable given his funding needs.
4. Considering what Panther wants to do. If this transaction did not involve debentures but rather units in a trust, could the transaction be considered a 'managed investment scheme'?