香港交易所第18章上市规则课件

NewMBChapter18/GEMChapter18A

MineralCompanies

JanetChiuAssistantVicePresidentComplianceandMonitoringDepartmentListingDivision,HKExNewMBChapter18/GEMChapte22

Background11September2009ConsultationpaperonNewListingRulesForMineralandExplorationCompaniespublished11November2009Consultationperiodended20May2010Consultationconclusionspublished3June10EffectivedateofnewRules22

Background11September233

Ensureinvestorsareprovidedwithmaterial,relevantandreliableinformationrelatingtomineralassetsAlignourruleswithinternationalstandardsBroadeninvestorchoicebyallowingthelistingofexplorationcompanieswith“identifiedresources”(i.e.atleastindicatedmineralresources/contingentpetroleumresources)

Purposeofthereform33

Purposeofthereform44

Thebrand-newMainBoardChapter18/GEMChapter18Asetout:additionaleligibilityanddisclosurerequirementsfornewlistingofmineralcompaniesdisclosurerequirementsfortransactionsinvolvingmineraland/orpetroleumassetscontinuingobligationstoprovideupdateonissuers’miningoperationsMainBoardGuidanceNote7/GEMPracticeNote4providesasuggestedriskassessmentformineralcompaniesMainBoardAppendix25/GEMAppendix18specifiesthecontentofacompetentperson’sreportforpetroleumassets

NewListingRulesforMineralCompanies44

NewListingRulesforMi55

Agenda

Definitionof“MineralCompany”NewlistingrequirementsforMineralCompaniesImpactofthenewRulesonlistedissuersTransactionrelatedobligationsContinuingobligations55

Agenda

6

Whatisamineralcompany?6

Whatisamineralcompany77

Anewapplicantwhosemajoractivityistheexplorationforand/orextractionofnaturalresourcesActivityrepresenting≥25%ofassets,revenueoroperatingexpensesoftheissuergroupAlistedissuerthatcompletesamajororaboveacquisitionofmineraland/orpetroleumassets

Whowillbecomea“MineralCompany”?(1)

Whatisreferredas“majoractivity”?77

Whowillbecomea“Mine88

TheywillnotbeautomaticallytreatedasMineralCompanies.TheywouldbetreatedasMineralCompaniesonlyiftheyundertakemajor(orabove)acquisitionsofmineraland/orpetroleumassetsafterthenewRulestakeeffect.

Whowillbecomea“MineralCompany”?(2)

HowaboutthelistedissuerswhoareengagedinresourcessectorbeforetheRuleamendments?88

Whowillbecomea“Min9

NewlistingrequirementsforMineralCompanies9

Newlistingrequirements1010

Exploration/extractionrights

MLR18.03(1)/GLR18A.03(1)Musthaveadequaterightswhichprovidessufficientinfluenceovertheexplorationforand/orextractionofnaturalresources,eitherthrough:controlovermajorityofassets;orotherrightsunderarrangementsacceptabletotheExchange1010

Exploration/extraction1111

Portfolioofreserves/resources

MLR18.03(2)/GLR18A.03(2)Musthavediscoveredatleastaportfolioof:Indicatedresources(formineralcompanies)Contingentresources(forpetroleumcompanies)Thisportfoliomustbemeaningfulandofsufficientsubstancetojustifythelisting.Earlystageexplorationassetsarenoteligibleforlistingatthistime.1111

Portfolioofreserves/1212

WorkingCapital

Musthavesufficientworkingcapitalfor125%ofpresentrequirementforatleastthenext12months(MLR18.03(4)/GLR18A.03(4))MustalsoprovideproductiondetailsCompaniesinproductionprovideanestimateofcashoperatingcosts

(MLR18.03(3)and18.06/GLR18A.03(3)and18A.06)Companiesnotyetstartproductiondemonstrateaclearpath(withindicativedatesandcosts)tocommercialproductionsupportedbyanindependentScopingStudy(i.e.apreliminaryevaluationofeconomicviabilityofmineralresources)

(MLR18.07/GLR18A.07)

1212

WorkingCapital

1313

Trackrecordrequirement

MLR18.04/GLR18A.04MineralCompaniesunabletosatisfythetrackrecordrequirementscanstillapplyforlistingif:itsdirectorsandseniormanagers,takentogether,havesufficientexperiencerelevanttotheexplorationand/orextractionactivitythatthemineralcompanyispursuing(individualsreliedonmusthaveatleast5yearsexperience)Considerations:Thecompany’sprimaryactivityistheexplorationforand/orextractionofnaturalresourcesCompaniesthatarealreadyinproductionwillnotbeconsideredfavourablyunlesstheyhavedevelopmentactivityonhandandcandemonstrateapathtocommercialproduction

1313

Trackrecordrequireme1414

MLR18.05-18.08/GLR18A.05-18A.08setouttherequireddisclosures,including:ACompetentPerson’sReportonreservesandresourcesAstatementconfirmingnomaterialchangessincetheeffectivedateoftheCompetentPerson’sReport/descriptionsofanymaterialchangesDetailsofallprospecting,exploration,exploitation,landuseandminingrights,anddetailsofmaterialrightstobeobtainedSpecificandgeneralrisksDisclosureonsocialandenvironmentalconsiderations,ifrelevantandmaterialForthosenotyetinproduction,planstoproductionwithindicativedatesandcostssupportedasleastbyaScopingStudy

Listingdocumentsfornewapplicants1414

Listingdocumentsfor15

ImpactofthenewRulesonlistedissuers15

ImpactofthenewRules1616

ImpactofthenewRulesonlistedissuers(1)ThenewRulesonlyaffectNon-MineralCompaniesif:theyacquirematerialmineraland/orpetroleumassetstheypubliclydisclosedetailsoftheirreservesand/orresourcesThenewRulesarenotintendedtohaveretrospectiveeffect.Oncompletionoftheacquisition,theywillbetreatedasaMineralCompanyUnderwhatcircumstanceswillthenewruleshaveimpactonlistedissuersiftheyarenotclassifiedasMineralCompaniesatthetimeoflisting?1616

ImpactofthenewR1717

ImpactofthenewRulesonlistedissuers(2)Inadditiontotheabove,theyaresubjecttoadditionaldisclosureobligationswhenthey:

disposeofmaterialmineraland/orpetroleumassetspublishinterim/annualreportsThenhowaboutthoseissuerswhoareclassifiedasMineralCompanies?1717

Thenhowaboutthosei18

Summaryofeventstriggeringlistedissuers’obligationsunderthenewRulesListedissuersTransactionContinuingobligationAcquisitionDisposalInterimreportAnnualreportNon-mineralCompaniesMineralCompanies18

Summaryofeventstriggerin19

Transactionrelatedobligations19

Transactionrelatedobli2020

Keyprinciples

Toprovideinvestorsandshareholderswithsufficientandreliableinformationonsignificanttransactionsinvolvingmineraland/orpetroleumassets.Informationonmineralandpetroleumassetsmustbe:preparedinaccordancewithwidelyrecognisedreportingcodes

substantiatedbyindependentcompetentpersonpresentedinreadilyunderstandablemannerwithsufficientdetails2020

Keyprinciples

2121

WhatTransactionsaresubjecttothenewRules?OldRulesNewRulesDiscloseabletransactionorabove(i.e.percentageratio≥

5%)“RelevantNotifiabletransaction”(withpercentageratio≥25%)-Majortransaction-VSA/VSD-ReversetakeoverExpecteddiversiontoexplorationof≥10%oftheissuer’stotalassetsExpectedcontributionfromexploration≥10%oftheissuer’spre-taxoperatingprofitsorrevenueNote:AggregationprinciplesunderMLR14.22/GLR19.22apply

2121

WhatTransactionsare2222

Whatshouldbedisclosedforacquisitioncases?(1)Foracquisitiontransactions,ontopofMBCh14&14A/GEMCh19&20(ifrelevant)requirements,thecircularmustincludethefollowingadditionalinformationinrespectoftheassetsbeingacquired:

ACompetentPerson’sReport(MLR18.09(2)/GLR18A.09(2))Nomaterialchangesstatement/descriptionsofanymaterialchangessincetheeffectivedateoftheCompetentPerson’sReport (MLR18.05(2)/GLR18A.05(2))Disclosureofspecificandgeneralrisks(MLR18.05(5)/GLR18A.05(5))Otherrelevantandmaterialinformation(MLR18.05(3),(4)&(6)/GLR18A.05(3),(4)&(6))

However,aValuationReportonthemineralorpetroleumassetsbeingacquiredmustbeprovidedinthisscenario(MLR18.09(3)/GLR18A.09(3))2222

Whatshouldbedisclos2323

Whatshouldbedisclosedforacquisitioncases?(2)

MLR18.12/GLR18A.12providesfordispensationfromtheCPRorValuationReportrequirementsiftheissuercan:

provideapreviouslypublishedreportwhichcomplieswiththerequiredreportingstandardandisnomorethansixmonthsold;andprovideastatementconfirmingnomaterialchangessincetheeffectivedateofthepreviouslypublishedreport;TheissuermustobtainpriorwrittenconsentoftheresponsibleCompetentPerson/CompetentEvaluatorforthepublicationofthesematerials.(MLR18.13/GLR18A.13)(FAQseries12,No.14)IfthetargetassetisacquiredfromacompanywhichalreadyhasanindependentCPR/ValuationReport,isitnecessaryforthelistedissuertoobtainanewone?2323

Whatshouldbedisclose2424

Whatshouldbedisclosedfordisposalcases?Fordisposaltransactions,ontopofMBCh14&14A/GEMCh19&20(ifrelevant)requirements,thecircularmustincludethefollowingadditionalinformationinrespectoftheassetsbeingdisposedof:aCompetentPerson’sReport(MLR18.09(2)/GLR18A.09(2))detailsofanymaterialliabilitiesthatremainwiththeissueronthedisposal(NotetoMLR18.09(4)/GLR18A.09(4))TheExchangemaydispensewiththerequirementforaCPRondisposalswhereshareholdershavesufficientinformationontheassetsbeingdisposedof

(FAQseries12,No.12)2424

Whatshouldbedisclos25

CompetentPerson’sReport(CPR)(1)Reportingstandards(Notes)FormineralassetstheJORCCodeNI43-101SAMRECCodeForpetroleumassetsPRMSEffectivedateWithin6monthsNotes:SubjecttomodificationsunderMLR18.30/18.33orGLR18A.30/18A.33MBAppendix25/GEMAppendix18setoutthecontentofaCPRforpetroleumassetsMLR18.28-18.33/GLR18A.28-18A.33specifythereportingstandardsforCPR:25

CompetentPerson’sReport2626

Therequiredreportingstandardsassesswhatiscommerciallyextractablewhilesomestandardsfocuson“in-situ”estimates.Whereinformationispresentedinaccordancewithotherreportingstandards,areconciliationtotherequiredreportingstandardsmustbeprovided.Wewillmonitorthedevelopmentofothercodestoensureourpositionreflectsinternationalbestpractice.(FAQseries12,No.18)

CompetentPerson’sReport(CPR)(2)

WilltheExchangeacceptotherreportingstandardsforthepresentationofreservesand/orresources?2626

CompetentPerson’sR27

MineralReporting(Modifications)ForCPRonmineralreservesand/orresources,issuersmustalsosatisfythemodificationsunderMLR18.30/GLR18A.30:Estimatesofmineralreservesaresupported,ataminimum,byapre-feasibilitystudy.Estimatesofmineralreservesandresourcesmustbedisclosedseparately.IndicatedandmeasuredresourcescanbeincludedineconomicanalysesbutbasisonwhichtheyareeconomicallyextractableandthediscountforconversiontomineralReservesmustbedisclosed.ValuationsforinferredresourcesarenotpermittedForprofitforecastsandforwardlookingvaluations,thebasisforcommoditypricesandmaterialassumptionsmustbeincluded,aswellassensitivityanalysesonprice.27

MineralReporting(Modific28

PetroleumReporting(Modifications)ForCPRonpetroleumreservesand/orresources,issuersmustalsosatisfythemodificationsunderMLR18.33/GLR18A.33:Methodandreasonforchoiceofestimationofpetroleumreservesmustbedisclosed(i.e.deterministicorprobabilistic).IfNPVsattributabletoprovedandprovedplusprobablereservesaredisclosed,theyarepresented:-onapost-taxbasisatvaryingdiscountratesorafixeddiscountrateof10%-usingaforecastpriceoraconstantpriceasbasecaseEconomicvaluesmustnotbeattachedtopossiblereserves,contingentresourcesorprospectiveresources28

PetroleumReporting(Modif29

ValuationReport(1)Reportingstandards(Note)

VALMINCodeCIMVALSAMVALCodeEffectivedateWithin6monthsNote:OnlyVALMINCodeisapplicabletopetroleumassets.Disclosureofbasisofvaluation,assumptionsandreasonsfortheselectionofvaluationmethodIfmorethanonevaluationmethodisusedanddifferentvaluationsresult,commentaryonhowthevaluationscompareandthereasonforselectingthevalueadoptedValuationisamandatoryrequirementforacquisitioncasesunderthenewRules(MLR18.34andGLR18A.34)

29

ValuationReport(1)Report3030

Yes,butonlyforthoseconnectedtransactionswithsize≥25%(i.e.thetransactionsarealsocertifiedasmajortransactionsorabove).

ValuationReport(2)

MBR14A.59(6)/GEM20.59(7)requiresavaluationiftheprimarysignificanceoftheassetbeingacquiredisitscapitalvalue.IsthevaluationrequirementinChapter18applicabletoaconnectedtransaction?3030

ValuationReport(2)3131

No.WewillnotregardtheDCFasaprofitforecastunderMLR14.61/GLR19.61.However,issuersmustdiscloseallrelevantassumptionsandthereasonwhyaparticularvaluationmethodischosen.(FAQseries12,No.21)

ValuationReport(3)

Willvaluationsofmineraland/orpetroleumassetsbasedondiscountedcastflows(DCF)beregardedasprofitforecastsunderMLR14.61/GLR19.61?3131

ValuationReport(3)3232

CompetentPerson/CompetentEvaluator(1)MLR18.21-18.23/GLR18A.21-18A.23ExperienceMustbeprofessionallyqualifiedMustbeamemberofaRecognisedProfessionalOrganisationMustbeindependentCompetentPersonCompetentEvaluatorAtleast5yearsexperiencerelevanttothetypeofmineral/petroleumassetsandtotheminingactivitytheissuerisundertakingAtleast10yearsrelevantandrecentgeneralminingorpetroleumexperience;atleast5yearsofrelevantandrecentexperienceinassessingand/orvaluingmineralorpetroleumassets3232

CompetentPersonCompet3333

OurrequirementlargelyfollowstherequirementsundertheVALMINCode.TheCIMVALandSAMVALCodesarenotasspecificastheVALMINCodebutrequirethatextensiveexperienceshouldbeobtainedtovaluemineralassets.Weadoptabrightlineexperiencerequirementforclarity.

CompetentPerson/CompetentEvaluator(2)

WhytheCompetentEvaluatorisrequiredtohaveaminimumof10yearsexperience(comparedtothe5yearsexperiencerequirementonCompetentPerson)?3333

CompetentPerson/Co34

Continuingobligations34

Continuingobligations35

Annualupdateofreserves/resources(1)

Listedissuersthatpubliclydisclosedetailsofreservesand/orresourcesmustgiveupdatesofsuchinformationintheirannualreports,underconsistentreportingstandards(MLR18.15/GLR18A.15)MineralCompaniesmustincludeupdatesofreservesandresourcesintheirannualreportsinaccordancewiththerequiredreportingstandardunderwhichtheywerepreviouslydisclosed(MLR18.16/GLR18A.16)Anydataonreservesandresourcesmustbepresentedintableswhichcanbeunderstoodbyanon-technicalperson.Statementsshouldincludeestimatesofvolume,tonnageandgrades(MLR18.17/GLR18A.17)35

Annualupdateofreserves3636

*Annualupdatesmaytaketheformofanomaterialchangestatement.

Annualupdateofreserves/resources(2)Whatinformationshouldtheissuerdiscloseforannualupdate?ScopeUpdateofreservesand/orresourcesinformationpubliclydisclosedaftertheeffectiveofthenewRulesReportingstandard(s)ThepreviouslyadoptedreportingstandardOR

AninternationalreportingstandardrecognisedunderthenewRulesMinimumdisclosure(s)*-Volume,tonnageandgradesallassumptionsadoptedPresentationofdataIntablesandinamannerreadilyunderstandabletoanon-technicalperson3636

Annualupdateofre3737

AnnualupdatesarenotrequiredtobesupportedbyCompetentPersons.However,theinformationmustatleastbesubstantiatedbytheissuer’sinternalexpert.

Annualupdateofreserves/resources(3)Whoarequalifiedtoprovidetheannualupdates?3737

Annualupdateofrese3838

Half-YearlydisclosureMLR18.14/GLR18A.14OnlyMineralCompaniesaresubjecttothisrequirementTheymustdiscloseintheirinterimandannualreport:detailsoftheirexploration,developmentandminingproductionactivities;andasummaryofexpenditureincurredontheseactivitiesduringthereviewperiod.3838

Half-Yearlydisclosure39

Recapofrequirementsfor

MineralCompaniesandotherlistedissuersRequirementsAllListedissuersMineralCompaniesMajor(orabove)acquisition-CPR&ValuationReportMajor(orabove)disposal-CPRAnnualupdateofpubliclydisclosedreservesandresourcesstatementHalf-yearlydisclosureofexploration,developmentandminingproductionactivitiesandrelatedexpendituresincurred39

Recapofrequirementsfor

4040

Thankyou

4040

Thankyou

NewMBChapter18/GEMChapter18A

MineralCompanies

JanetChiuAssistantVicePresidentComplianceandMonitoringDepartmentListingDivision,HKExNewMBChapter18/GEMChapte4242

Background11September2009ConsultationpaperonNewListingRulesForMineralandExplorationCompaniespublished11November2009Consultationperiodended20May2010Consultationconclusionspublished3June10EffectivedateofnewRules22

Background11September24343

Ensureinvestorsareprovidedwithmaterial,relevantandreliableinformationrelatingtomineralassetsAlignourruleswithinternationalstandardsBroadeninvestorchoicebyallowingthelistingofexplorationcompanieswith“identifiedresources”(i.e.atleastindicatedmineralresources/contingentpetroleumresources)

Purposeofthereform33

Purposeofthereform4444

Thebrand-newMainBoardChapter18/GEMChapter18Asetout:additionaleligibilityanddisclosurerequirementsfornewlistingofmineralcompaniesdisclosurerequirementsfortransactionsinvolvingmineraland/orpetroleumassetscontinuingobligationstoprovideupdateonissuers’miningoperationsMainBoardGuidanceNote7/GEMPracticeNote4providesasuggestedriskassessmentformineralcompaniesMainBoardAppendix25/GEMAppendix18specifiesthecontentofacompetentperson’sreportforpetroleumassets

NewListingRulesforMineralCompanies44

NewListingRulesforMi4545

Agenda

Definitionof“MineralCompany”NewlistingrequirementsforMineralCompaniesImpactofthenewRulesonlistedissuersTransactionrelatedobligationsContinuingobligations55

Agenda

46

Whatisamineralcompany?6

Whatisamineralcompany4747

Anewapplicantwhosemajoractivityistheexplorationforand/orextractionofnaturalresourcesActivityrepresenting≥25%ofassets,revenueoroperatingexpensesoftheissuergroupAlistedissuerthatcompletesamajororaboveacquisitionofmineraland/orpetroleumassets

Whowillbecomea“MineralCompany”?(1)

Whatisreferredas“majoractivity”?77

Whowillbecomea“Mine4848

TheywillnotbeautomaticallytreatedasMineralCompanies.TheywouldbetreatedasMineralCompaniesonlyiftheyundertakemajor(orabove)acquisitionsofmineraland/orpetroleumassetsafterthenewRulestakeeffect.

Whowillbecomea“MineralCompany”?(2)

HowaboutthelistedissuerswhoareengagedinresourcessectorbeforetheRuleamendments?88

Whowillbecomea“Min49

NewlistingrequirementsforMineralCompanies9

Newlistingrequirements5050

Exploration/extractionrights

MLR18.03(1)/GLR18A.03(1)Musthaveadequaterightswhichprovidessufficientinfluenceovertheexplorationforand/orextractionofnaturalresources,eitherthrough:controlovermajorityofassets;orotherrightsunderarrangementsacceptabletotheExchange1010

Exploration/extraction5151

Portfolioofreserves/resources

MLR18.03(2)/GLR18A.03(2)Musthavediscoveredatleastaportfolioof:Indicatedresources(formineralcompanies)Contingentresources(forpetroleumcompanies)Thisportfoliomustbemeaningfulandofsufficientsubstancetojustifythelisting.Earlystageexplorationassetsarenoteligibleforlistingatthistime.1111

Portfolioofreserves/5252

WorkingCapital

Musthavesufficientworkingcapitalfor125%ofpresentrequirementforatleastthenext12months(MLR18.03(4)/GLR18A.03(4))MustalsoprovideproductiondetailsCompaniesinproductionprovideanestimateofcashoperatingcosts

(MLR18.03(3)and18.06/GLR18A.03(3)and18A.06)Companiesnotyetstartproductiondemonstrateaclearpath(withindicativedatesandcosts)tocommercialproductionsupportedbyanindependentScopingStudy(i.e.apreliminaryevaluationofeconomicviabilityofmineralresources)

(MLR18.07/GLR18A.07)

1212

WorkingCapital

5353

Trackrecordrequirement

MLR18.04/GLR18A.04MineralCompaniesunabletosatisfythetrackrecordrequirementscanstillapplyforlistingif:itsdirectorsandseniormanagers,takentogether,havesufficientexperiencerelevanttotheexplorationand/orextractionactivitythatthemineralcompanyispursuing(individualsreliedonmusthaveatleast5yearsexperience)Considerations:Thecompany’sprimaryactivityistheexplorationforand/orextractionofnaturalresourcesCompaniesthatarealreadyinproductionwillnotbeconsideredfavourablyunlesstheyhavedevelopmentactivityonhandandcandemonstrateapathtocommercialproduction

1313

Trackrecordrequireme5454

MLR18.05-18.08/GLR18A.05-18A.08setouttherequireddisclosures,including:ACompetentPerson’sReportonreservesandresourcesAstatementconfirmingnomaterialchangessincetheeffectivedateoftheCompetentPerson’sReport/descriptionsofanymaterialchangesDetailsofallprospecting,exploration,exploitation,landuseandminingrights,anddetailsofmaterialrightstobeobtainedSpecificandgeneralrisksDisclosureonsocialandenvironmentalconsiderations,ifrelevantandmaterialForthosenotyetinproduction,planstoproductionwithindicativedatesandcostssupportedasleastbyaScopingStudy

Listingdocumentsfornewapplicants1414

Listingdocumentsfor55

ImpactofthenewRulesonlistedissuers15

ImpactofthenewRules5656

ImpactofthenewRulesonlistedissuers(1)ThenewRulesonlyaffectNon-MineralCompaniesif:theyacquirematerialmineraland/orpetroleumassetstheypubliclydisclosedetailsoftheirreservesand/orresourcesThenewRulesarenotintendedtohaveretrospectiveeffect.Oncompletionoftheacquisition,theywillbetreatedasaMineralCompanyUnderwhatcircumstanceswillthenewruleshaveimpactonlistedissuersiftheyarenotclassifiedasMineralCompaniesatthetimeoflisting?1616

ImpactofthenewR5757

ImpactofthenewRulesonlistedissuers(2)Inadditiontotheabove,theyaresubjecttoadditionaldisclosureobligationswhenthey:

disposeofmaterialmineraland/orpetroleumassetspublishinterim/annualreportsThenhowaboutthoseissuerswhoareclassifiedasMineralCompanies?1717

Thenhowaboutthosei58

Summaryofeventstriggeringlistedissuers’obligationsunderthenewRulesListedissuersTransactionContinuingobligationAcquisitionDisposalInterimreportAnnualreportNon-mineralCompaniesMineralCompanies18

Summaryofeventstriggerin59

Transactionrelatedobligations19

Transactionrelatedobli6060

Keyprinciples

Toprovideinvestorsandshareholderswithsufficientandreliableinformationonsignificanttransactionsinvolvingmineraland/orpetroleumassets.Informationonmineralandpetroleumassetsmustbe:preparedinaccordancewithwidelyrecognisedreportingcodes

substantiatedbyindependentcompetentpersonpresentedinreadilyunderstandablemannerwithsufficientdetails2020

Keyprinciples

6161

WhatTransactionsaresubjecttothenewRules?OldRulesNewRulesDiscloseabletransactionorabove(i.e.percentageratio≥

5%)“RelevantNotifiabletransaction”(withpercentageratio≥25%)-Majortransaction-VSA/VSD-ReversetakeoverExpecteddiversiontoexplorationof≥10%oftheissuer’stotalassetsExpectedcontributionfromexploration≥10%oftheissuer’spre-taxoperatingprofitsorrevenueNote:AggregationprinciplesunderMLR14.22/GLR19.22apply

2121

WhatTransactionsare6262

Whatshouldbedisclosedforacquisitioncases?(1)Foracquisitiontransactions,ontopofMBCh14&14A/GEMCh19&20(ifrelevant)requirements,thecircularmustincludethefollowingadditionalinformationinrespectoftheassetsbeingacquired:

ACompetentPerson’sReport(MLR18.09(2)/GLR18A.09(2))Nomaterialchangesstatement/descriptionsofanymaterialchangessincetheeffectivedateoftheCompetentPerson’sReport (MLR18.05(2)/GLR18A.05(2))Disclosureofspecificandgeneralrisks(MLR18.05(5)/GLR18A.05(5))Otherrelevantandmaterialinformation(MLR18.05(3),(4)&(6)/GLR18A.05(3),(4)&(6))

However,aValuationReportonthemineralorpetroleumassetsbeingacquiredmustbeprovidedinthisscenario(MLR18.09(3)/GLR18A.09(3))2222

Whatshouldbedisclos6363

Whatshouldbedisclosedforacquisitioncases?(2)

MLR18.12/GLR18A.12providesfordispensationfromtheCPRorValuationReportrequirementsiftheissuercan:

provideapreviouslypublishedreportwhichcomplieswiththerequiredreportingstandardandisnomorethansixmonthsold;andprovideastatementconfirmingnomaterialchangessincetheeffectivedateofthepreviouslypublishedreport;TheissuermustobtainpriorwrittenconsentoftheresponsibleCompetentPerson/CompetentEvaluatorforthepublicationofthesematerials.(MLR18.13/GLR18A.13)(FAQseries12,No.14)IfthetargetassetisacquiredfromacompanywhichalreadyhasanindependentCPR/ValuationReport,isitnecessaryforthelistedissu