What type of advice do we offer?

State One is committed to providing sound and relevant advice in a professional manner. However it is important for our clients to understand the types of advice being provided to them.

State One's private client advisory business is primarily based on the giving of General Advice.

General Advice is where:

  • our advisors provide advice to a client where no personal recommendation is made as to the suitability of a product for the individual client, and
  • the advice has been prepared without taking into account the client’s investment objectives, financial situation and particular needs.

Our clients should always consider the appropriateness of such General Advice in relation to their own situation.

When your State One advisor gives one of the following warnings, or something similar, during your conversation with them:

  • "Our advice is primarily General Advice - it's up to you to decide if it's suitable for you."
  • "This advice is general; it may not be right for your current circumstances"

then you are receiving General Advice.

Another type of advice which may be provided to a client by us is Personal Advice

Where our advisor provides advice to a client based on considerations of the client's particular objectives, financial situation or needs.

If a client has not provided us with their up to date investment objectives, financial situation and particular needs, (ie within the past 12 months, or when ever significant events impact on a client's personal situation) then any advice given to them by us will be considered to be given as General Advice.

Alternatively, you may place an order with No Advice.

This is where the client gives an instruction to an advisor on an execution only basis, and the order is simply placed straight into the market as directed by them.

Should you have any queries about the giving of advice by State One advisors, please do not hesitate to contact your advisor or our compliance officer.

Market & Stock alerts

State One can generate a range of alerts and notify you when they’re triggered.

Price alerts

Can be generated when the last price traded for a specified security is 'greater than or equal to' or 'less than or equal to’ the alert criteria; or when the cumulative volume traded for a given security for the current day is equal to or greater than a specified value.

News alerts

Can be generated when an announcement is released for a selected security; or a news headline is disseminated containing one or more specific keywords.

Contingent order alerts

State One offers a number of types of contingent orders. Alerts can be generated when a contingent order is triggered or when the order is partially or fully traded, or when it is not traded within a specified period.

There is no charge for State One email alerts.

Market Commentaries

State One's "Market Opener" is emailed to our regular clients just before the market opens each day. It provides a summary of overnight action in overseas markets and gives a pre-open perspective of likely overall market trends, as well as a brief commentary on selected leading and active stocks.

State One's "Spinnaker" is a weekly stock report outlining a summary of world economics, equities and commodities.

Click the Research tab to see recent samples of our daily and weekly commentaries.

Equities Research

State One has a team of analysts which completes regular detailed stock research on ASX and Chi-X listed companies. State One also subscribes to externally produced research. The research, which proffers general advice on stocks, is available to regular clients.

Click the Research tab to see samples of recent research reports.

IPOs & Capital Raisings

The State One Capital Group is regularly involved in the raising of monies, especially on behalf of small and mid-sized companies. Resources companies feature prominently in our list of corporate clients. These raisings can on occasion deliver substantial profits to investors, and are typically totally free of commission.

State One has numerous successful IPOs on ASX to its credit, some of the more prominent recent ones being Galaxy Resources Ltd and Australian Bauxite Limited. We also regularly participate in seed capital raisings ahead of IPOs, as well as placements in already listed securities. Often these are done at significant discounts to prevailing market prices.

These raisings can range from as little as several hundred thousand dollars to tens of millions from sophisticated professional and institutional investors in Australia and abroad. The largest placement State One has completed to date raised $US160M for the major emerging Brazilian iron ore producer Ferrous Resources Limited.

State One has partnered with OnMarket BookBuilds to give our clients greater exposure to investment opportunities. In addition to the IPOs and Capital Raisings that we manage and offer, our clients can participate any any of the numerous offers hosted by OnMarkets. OnMarkets unique IPO bidding platform allows our clients to bid for shares in offers that they wouldn't otherwise get access to with the added simplicity of having any shares they purchase registered to their State One holdings automatically.

Read more and view the current OnMarket IPOs here

Recent State One Capital Raisings

Potash West NL (ASX:PWN)

July 2016 - AU$1.65M
Placement at AU$0.022 per share

WAM Leaders Limited (ASX:WLE)

May 2016 - AU$374
Initial Public Offering at AU$1.10 per share

BARD1 Life Sciences (ASX:BD1)

May 2016 - AU$3M
Capital Raising at AU$0.02 per share

Monash Absolute Investment Company (ASX:MA1)

March 2016 - AU$100M
Initial Public Offering at AU$1.00 per share

Recce Limited (ASX:RCE)

October 2015 - AU$5M
Initial Public Offering at AU$0.20 per share

Glennon Small Companies (ASX:GC1)

July 2015 - AU$50M
Initial Public Offering at AU$1.00 per share each with a free attaching option

Medibank Private Limited (ASX:MPL)

October 2014 - AU$5.5B
Initial Public Offering at per share

Australian Bauxite Ltd (ASX:ABZ)

March 2010 - AU$ 3.5 million
Private placement at $0.35 per share

December 2009 - AU$ 4.0 million
IPO at $0.20. ABZ listed December 2009 at $0.255, closing at $0.31 on its first day, a 55% premium to the $0.20 IPO price. State One was Sponsoring Broker.

Quick Step Holdings (ASX:QHL)

December 2009 - AU$ 24.3 million
Private placement to sophisticated and professional investors followed by heavily oversubscribed SPP at $0.52. Placement completed in December 2009; SPP completed in January 2010. State One was Lead Manager.

May 2009 - AU$ 2.70 million
Private placement of 11% coupon 3-year convertible notes made to sophisticated and professional investors at $0.20

September 2007 - AU$ 6.00 million
Private placement at $0.60

July 2006 - AU$ 3.05 million
Private placement at $0.21

October 2005 - AU$ 6.00 million
IPO at $0.25. QHL listed in October 2005 at $0.23. State One was Sponsoring Broker

General Mining Corp Ltd (ASX:GMM)

December 2009 - AU$ 5.50 million
IPO at $0.20. GMM listed at $0.17. Priority offer of shares made to GXY shareholders in IPO. State One was Sponsoring Broker.

September 2009 - AU$ 0.36 million
Pre-IPO seed placement to sophisticated and professional investors at $0.12

September 2008 - AU$ 0.60 million
Pre-IPO seed placement to sophisticated and professional investors at $0.10

Galaxy Resources Ltd (ASX:GXY)

October 2009 - US$ 65.2 million
Private placement to sophisticated and professional investors at $1.28 in . Funds raised to be applied to development of GXY's Mt. Cattlin Lithium Project, WA, and Jiangsu Processing Plant, China. State One was Joint Lead Manager.

May 2009 - AU$ 6.65 million
Private placement at $0.35

April 2009 - AU$ 9.9 million
Placement of shares from exercise of options. State One was Joint Lead Manager.

March 2009 - AU$ 1.97 million
Private placement at $0.30

December 2008 - AU$ 1.21 million
Private placement at $0.35

June 2008 - AU$ 2.25 million
Private placement at $0.45

February 2007 - AU$ 3.00 million
IPO at $0.20. GXY listed at $0.34. State One was Sponsoring Broker.

March 2006 - AU$ 0.97 million
Pre-IPO seed raising at $0.12

Ferrous Resources Ltd

December 2007 - US$160.3 million
Private placement - pre-IPO - to sophisticated and professional investors. Ferrous Resources has significant iron ore assets in Brazil, with JORC-compliant resources of 4.5 billion tonnes of iron ore as at February 2010.

Please click here, to register your interest in our capital raisings.

Contingent/Stop Loss Orders

Whether you are a trader or a long term investor, you can benefit from the use of contingent orders. The faster the market is moving, the greater is the potential benefit from using these techniques.

State One currently offers four different forms of contingent orders. These orders can be placed on the phone through one of our advisors. Whilst these are all designed to trigger one or more orders once certain preconditions are met, you should note that there can be no absolute guarantee that the orders sought will in fact be triggered or that they will necessarily result in completed trades.

To assist in the management of contingent orders, alert messages can be set up to display all of the contingent orders which have been triggered.

Contingent Order Types

Individual Buy / Sell Order

The conventional type of contingent order, where an order is automatically generated, once a specified condition is met.

For example: a contingent order can be created to generate a BHP buy order at $40.00 for 500 shares if/when BHP trades at $39.99. Alternatively, the contingent order could be created to sell at $40.00 if the last traded price for BHP is $40.01.

If required, you can generate an alert message for each contingent order which has been triggered.

Trailing Contingent Order

The trailing contingent order seeks to minimise loss and maximise gain. Unlike a regular contingent order, the trigger price of a trailing contingent order changes as the stock price changes. The trailing contingent order is based upon a maximum percentage deviation from a recent high or low price. For trailing buy contingent orders, the contingent order's trigger price is set at an amount X % above the lowest recent market price, then recalculated downwards as the market price decreases. When the security price rises towards the latest calculated trigger price, the trigger price does not change. The contingent order triggers when the market price reaches or rises above the calculated trigger price.

For trailing sell contingent orders, the contingent order's trigger price is set at an amount X % below the highest recent market price, then recalculated upwards as the market price increases. When the security price falls towards the latest calculated trigger price, the trigger price does not change. The contingent order triggers when the market price reaches or falls below the calculated trigger price.

One Cancels Other

A "One Cancels Other" (OCO) order is a combination, comprising two contingent orders with different trigger conditions. When one contingent order triggers, the other contingent order is automatically deleted. An example of such a pair could be two purchase orders in different banks, each with a specified purchase price. When one of the orders is triggered, the client has made his required investment, and the other pending order is immediately withdrawn from the system.

If Done

An "If Done" contingent order is typically piggy-backed on a market order, being triggered only once the market order trades. Typically, the second order is used to cover the position taken with the original order. When used with an OCO order, two orders can be placed: a profit taking order and a stop-loss order. Whichever one triggers first then cancels the other order.

For further information on the types of Contingent Orders and their implementation, speak with your friendly State One advisor on 1300 651 898.

Margin Lending

State One offers margin lending against equity portfolios through all of the margin lenders including:

  • Leveraged Equities
  • St George
  • NAB
  • Macquarie
  • BT
  • Merrill Lynch
  • HSBC
  • ANZ
  • Colonial

Leveraged Equities, which is one of Australia's largest margin lenders, provides lending against an extensive list of exchange listed stocks – more than 200 stocks – with lending ratios ranging from 20% up to a maximum of 80%. To view the Leveraged Equities site click here.

Short Selling

State One offers short selling through Leveraged Equities.

Leveraged Equities' Short Share facility offers short selling over approximately 110 securities, with Lending Ratios of between 15% and 50% being offered.

Short Sales are only offered in parcels of not less than $50,000 per stock.

To view the terms of Leveraged Equities shorting facility click here.


State One offers trading in all types of warrants listed on ASX & Chi-X. The State One brokerage terms are the same competitive brokerage terms as offered for equities.

Before trading in warrants, each State One client is required to read the ASX Understanding Warrants Booklet & Chi-X Investing in Warrants Booklet, then sign the Warrant Agreement Form, to confirm that they have done so, and submit it to State One Stockbroking.

It is our view that clients should understand that the quoted prices of warrants, dictated largely by the market maker, do not always relate directly to the prices of the underlying security. Also, it should be understood that the volumes of warrants offered for trading may be variable. A final point is that, as warrants are simply a form of option, it is possible that they can expire with no value whatsoever.

For these reasons we strongly recommend that clients ensure that they fully understand the potential risks associated with each of the numerous types of warrants, and that they show extreme caution when considering trades in warrants.


State One Stockbroking Ltd is very pleased to announce the launch of our new mFund platform for buying and selling unlisted managed funds units directly from your trading account. As a foundation member we are proud to be one of just a handful of retail brokers to be able offer this facility presently.

The mFund Settlement Service is a new product from the ASX that aims to connect brokers and investors with fund issuers via a common framework. The end result is an easier way for investors to access unlisted managed funds for their portfolio and track them side by side with their existing CHESS registered holdings.

What are the potential advantages of mFund products over other shares?

  • Diversification Managed fund products allow you to access a diversified portfolio made up of different asset classes and industry sectors. This can reduce your level of investment risk by minimising the impact of poor performance by a particular industry or industry sector.
  • Potential wealth generation A well-chosen managed fund, used individually or in conjunction with other investments, can create a portfolio to assist your efforts to generate wealth.
  • Cost-effective investment Investing in a managed fund is as affordable as investing in shares. You can start investing with a relatively small amount, adding to it cost effectively over time.
  • Access to a range of assets Managed fund products can provide access to assets that can assist with portfolio diversification but which you may not otherwise be able to invest in due to factors such as:
    • financial limitations (e.g. shopping centres)
    • market access (e.g. international shares) or
    • where it is difficult for individual investors to gain research, information or insight to performance (e.g. small or micro-cap stock or those within emerging markets).

What are the advantages of the mFund Settlement Service for investors?

  • Access to a broad range of managed funds from a central point
  • Potential to enhance returns through exposure to a wider range of asset classes and by accessing the services of professional fund managers
  • Easier transaction and administration of managed fund investments, including the ability to use their existing stockbroking account to access managed funds
  • More-timely access to a wider range of information about managed funds, including unit prices and related announcements
  • Same high level of settlement certainty investors enjoy with shares
  • A holistic view of investments held through ASX under a single CHESS HIN
  • Easier to change between unlisted managed fund investments
  • Potential to manage entire share portfolio from a single interface
ASX mFnd Foundation Member

More information about the mFund products and the mFund settlement service can be found on the ASX mFund website.


In October 2011 a new stock exchange called Chi-X Australia launched it's equities market as a competitor to the Australian Stock Exchange (ASX). Chi-X now trades in all the same equities that ASX does with up to 20% of the total market value being traded on Chi-X each day. The competition has driven a number of improvements and additional products from both ASX and Chi-X.

So what does this mean for you? To put it bluntly, if your broker doesn't have access to the Chi-X market you're not getting the best trading opportunities. The main advantages are price and fill. Price improvement can be achieved because of orders (both buys and sells) being entered at different prices across the two exchanges creating a situation where it may be advantageous to buy or sell all or part of an order on a particular exchange. The fill rate refers to the amount of an order that can be satisfied at a particular price level. So if you wish to trade in a stock where some of the orders have been posted on ASX and some on Chi-X then naturally you need access to both exchanges to increase your chances of filling your order at the price level you desire.

All State One clients get access to both ASX and CHI-X markets for best fill rates and prices.


As our client you will receive a lot more than the reliable attention of a qualified State One equities trading advisor.

You will also have your own personalised and secure area which will provide you with 24 hour online access to view:

  • Stock quotes & company information;
  • Research & market commentaries;
  • Reports detailing activity on your account.

myStateOne reports provide all of the elements required to manage your day-to-day dealings and provide all of the equities trading information to complete your end-of-year tax affairs.

View samples of each type of report by clicking on each below:

Sophisticated Investors

Under the Corporation Act 2001, when an issue of securities is offered to the public, it requires a regulated disclosure document such as a prospectus or product disclosure statement. However, the Act has some exemptions from these requirements.

One of these exemptions is when an offering of financial products is made to a person who is the holder of a current certificate from a qualified accountant certifying they have a prescribed level of net assets or gross income.

A person holding such a certificate is a:

  • Professional Investor
  • Sophisticated Investor

A Professional Investor is a person who controls or manages at least $10 million of investment funds, or has an Australian Financial Services Licence.

A Sophisticated Investor is an investor who is deemed to have sufficient investing experience and knowledge to weigh the risks and merits of an investment opportunity. This distinction makes an investor eligible to buy into certain investment opportunities such as pre-IPO securities that are considered non disclosure or non prospectus issues.

To be classified as a Sophisticated Investor, one must meet the following characteristics:

  • Net assets of at least $2.5 million, or
  • Gross Income of $250,000 or more per annum in each of the previous two years.

As a Sophisticated Investor you may have access to opportunities not generally available to the public. If you believe you have the required investment expertise and may benefit from participating in potential offers under any of the criteria described above, please contact us on 1300 651 898.

The Sophisticated Investor certificate is valid for a period of 2 years, and must be completed by a Qualified Accountant*.

Qualified Accountant*

A qualified accountant is a person belonging to one of the following professional bodies at the declared membership classification; and who complies with the continuing professional education requirements of that body.

  • The Institute of Chartered Accountants in Australia (CA, ACA and FCA).
  • CPA Australia (CPA and FCPA).
  • National Institute of Accountants in Australia (PNA, FPNA, MNIA and FNIA).

Members of one of the following eligible foreign professional bodies are also qualified accountants, provided they have at least three years’ practical experience in accounting or auditing; and are only providing a certificate for the purposes of s708(8)(c) and 761G(7)(c) of the Corporations Act to a person who is a resident in the same country (other than Australia) as the accountant.

Eligible foreign professional bodies:

  • The American Institute of Certified Public Accountants.
  • Association of Certified Chartered Accountants (United Kingdom).
  • Canadian Institute of Chartered Accountants.
  • Institute of Chartered Accountants of New Zealand.
  • The Institute of Chartered Accountants in England and Wales.
  • The Institute of Chartered Accountants in Ireland.
  • The Institute of Chartered Accountants of Scotland.

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