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CORPORATIONS ACT 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.4 - EXPERTS' REPORTS AND VALUATIONS  

SECTION 667A  EXPERT'S REPORT  

667A(1)  [Content of report]  


An expert's report under section 663B, 664C or 665B must:


(a) be prepared by a person nominated by ASIC under section 667AA; and


(b) state whether, in the expert's opinion, the terms proposed in the notice give a fair value for the securities concerned; and


(c) set out the reasons for forming that opinion.

Note: See section 667C on valuation.

667A(2)  [Further details required]  


If the person giving the compulsory acquisition notice is relying on paragraph 664A(2)(c) to give the notice, the expert's report under section 664C must also:


(a) state whether, in the expert's opinion, the person (either alone or together with a related body corporate) has full beneficial ownership in at least 90% by value of all the securities of the company that are shares or convertible into shares; and


(b) set out the reasons for forming that opinion.

667A(3)  [Two or more reports]  


If the person giving the compulsory acquisition notice obtains 2 or more reports, each of which were obtained for the purposes of that notice, a copy of each report must be given to the holder of the securities.

667A(4)  [Strict liability offence]  

 View history reference

An offence based on subsection (3) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.


 



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