Background Story

The Australian Small-Scale Offerings Board (ASSOB)

Where it started. Anthony (Tony) Puls, had over 40-years experience in raising funds for SMEs and holds a wealth of information on the subject. He is recognised as one of the founding fathers of crowdfunding globally. Tony was doing crowdfunding before the word ‘crowdfunding’ was even invented

Tony was founding Chairman of the Australian Small Scale Offerings Board Limited (ASSOB), one of the World’s first equity-based crowdfunding platforms which raised in excess of $150 million for over 300 start-ups and early stage businesses before retiring from that role in 2015. ASSOB provided a compliant share Issuer and Seller platform for the owners of small to medium sized Australian unlisted companies.

To Washington & the SEC

In 2013 Tony was invited to Washington by the Securities and Exchange Commission & FINRA to help with the development of crowdfunding regulations as part of President Obama’s Jobs Act initiative. See World Bank report – pages 18 & 46 where it references ASSOB as being the World’s most successful equity crowdfunding platform. 

The biggest thing since Strata Title

Although TIC ownership of real estate had been enshrined in property law for over 150-years, surprisingly, in all that time, no one had ever thought of creating a trading exchange for buyers and sellers of TIC shares until Tony launched the Tenant in Common Exchange (ticX) in late July 2022.

It had taken Tony about 40-years to work out how to create a legally compliant trading exchange for TIC shares in property. See Fin Rev article 2003 & Fin Rev article 2004 which first appeared around 20-years ago, before housing affordability was the huge issue it is today. The advent of the ticX trading exchange for tenant in common shares in real estate is the biggest thing to happen to the property sector since Strata Title was introduced in 1961.

U.S.-based property owners might not have heard of strata title, but this increasingly common form of property ownership has taken some corners of the world by storm. 

Pioneered in the Australian state of New South Wales during the early 1960s, strata title provides a means for residents of multi-unit buildings to enjoy communal ownership of common areas without sacrificing full control over their private dwellings. However, its success has led to a dramatic expansion of its reach: Strata title can also be used to administer commercial, retail and industrial properties as well as suburban and even rural tracts of residential land. 

Other countries that have adopted the Australian system (or a similar variant) of apartment ownership include: Canada (Alberta, British Columbia), Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Africa and the United Arab Emirates.

While strata title hasn’t yet caught on in the United States, it has a couple of close analogs there. The most common of these is the standard condominium title that millions of city-dwellers use. Most condo complexes provide residents with TIC ownership stakes in the buildings and grounds on which their units lie. 

The Tenant in Common Exchange (ticX)

How the ticX came about. Tony had spent a lot of time in the early 1990’s working with the (Australian) corporate regulator (the NCSC now the ASIC) to develop a type of stock exchange that would allow smaller companies (SMEs) to raise funds for business development and expansion. As well as Tony’s background in crowdfunding he had also been a licensed real estate agent since 1978. It was Tony’s unique background that led to the development, over 40-years, of the Tenant in Common Exchange.

The idea of establishing a trading exchange for tenant in common (TIC) shares in property was first mooted by Tony way back in 1984. 

TicX U.S. - a potential NASDAQ Listing

We anticipate that the National Tenant in Common Exchange Inc. has the potential for future growth, which may include a Series ‘A’ financing round with the aim of eventually pursuing a listing on the NASDAQ.

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