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]  

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

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