Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.4 - EXPERTS' REPORTS AND VALUATIONS  

SECTION 667A   EXPERT ' S REPORT  

667A(1)    
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)    
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)    
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)    

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

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