Which of the Following Statements Is Incorrect

Multiple Choice

Which of the following statements is incorrect?

A) proprietary companies can only make regulated share offers to employees or to existing shareholders
B) unless exempted it is prohibited to advertise an unregulated offer of shares
C) public companies can make unregulated share offers as long as they do not infringe the stock exchange listing rules
D) unless exempted an unregulated share issue can not be made to more than 30 investors