Entire Section

  • Circulars for specific types of companies (14.71-14.71A)

    • 14.71

      Where a major transaction, very substantial acquisition, very substantial disposal, extreme transaction or reverse takeover involves acquiring or disposing of an interest in an infrastructure project or an infrastructure or project company, the listed issuer shall incorporate in the circular or listing document a business valuation report on the business or company being acquired or disposed of and/or traffic study report in respect of the infrastructure project or infrastructure or project company. Such report(s) must clearly set out:

      (1) all fundamental underlying assumptions including discount rate or growth rate used; and
      (2) a sensitivity analysis based on the various discount rates and growth rates.

      Where any business valuation is based on a profit forecast, the accounting policies and calculations for the underlying forecasts must be examined and reported on by the auditors or reporting accountants. Any financial adviser mentioned in the circular or listing document must also report on the underlying forecasts.

      Note: On profit forecasts, see also rules 14.61 and 14.62.

    • 14.71A

      Where a discloseable transaction, major transaction or very substantial acquisition involves a Qualified Property Acquisition as described in Note to rule 14A.101, the Qualified Issuer shall comply with additional announcement and reporting requirements with details as described in Chapter 14A.