Expert Reports requiring valuations are required by various authorities and in various circumstances by businesses and individuals.

The Expert must satisfy requirements for independence, experience, qualifications and skills. Therefore, considerable thought has to be placed on the appointment or hiring of a suitable expert.

Key Questions

• Why is the expert required?
• Who is expected to rely on the valuation?
• What is the intended use of the Report?
• What decision will be influenced?
• When is the Report needed? What is driving this schedule?
• Are there specific requirements, qualifications, experience, skills and independence?
• Will the Expert Report tolerate scrutiny by other experts?

[back to top]

How we can help

Leadenhall can help with a systematic approach to the Expert Report. Although remaining independent of the client, we work through the following processes with you:

• Identify and detail the legislation or litigation under which the Expert Report is required.
• Design the Report to meet the requirements.
• Obtain relevant documents and information from you and raise any queries that we may have on the data provided.
• Source other data from external sources.
• Review the integrity of the data.
• Prepare a draft Report.
• Discuss the draft (excluding the opinion so as to maintain integrity) with you to ensure that the data quoted is accurate and that there are no misstatements of truth.
• Have the final Report prepared in time for the Court requirement or a specified deadline (e.g. despatch of target's statement).
• Be prepared and able to explain the Report clearly and succinctly to you, the client and, if required, be available and prepared for subsequent appearances at Court or other tribunals.

[back to top]

Our track record

Leadenhall has many years of experience preparing Expert Reports. Reports have been prepared for companies and the ATO as well as for court cases.

Assignments undertaken by Leadenhall involving the preparation of Expert Reports include:

• Independent Expert’s Report for the shareholders of Southern Gold Limited in relation to a non-renounceable pro rata offer of Southern Gold’s significant interest in Southern Uranium to Southern Uranium’s shareholders. (Download PDF)
• Independent Expert's Report for Rib Loc Group Ltd to assess value in response to a take-over bid by First Process Limited. (Download PDF)
• Independent Expert's Report in the compulsory acquisition of options of eFinancial Capital Ltd by Challenger Life Ltd. (Download PDF)
• Independent Expert's Report for Laubman & Pank Holdings Ltd to assess value in response to a take-over bid by Hancock & Gore Ltd. (Download PDF)
• Independent Expert's Report for Chariot Internet Ltd on the divestment of its education division to a related party. (Download PDF)
• Review of a valuation by a corporate finance firm of a professional sporting club as a result of a dispute over the sale of a minority shareholding to the major shareholder.
• Valuations for the Australian Taxation Office, including biotechnology, building products, software, transport and power generation.
• Critique, for the Australian Taxation Office, of a valuation undertaken by a major Australian accounting firm of a financial services company as a prelude to a more detailed review and valuation in excess of A$1 billion.
• Critique, for the Australian Taxation Office, of a valuation undertaken by a major US accounting firm for an Australian international Group.
• Preparation of an Independent Expert's Report on banking practice and interest rate risk management technique.
• Preparation of an Independent Expert's Report for Santos Ltd on the import parity price of a bulk liquid for a pricing arbitration.

[back to top]

For your interest

The following pieces of legislation and articles may be of interest:

• Corporations Act 2001: Sections 636(1), 636(2)and 640(1) regarding take-overs and Sections 663B, 664C and 665B regarding compulsory acquisitions.
• ASIC Policy Statement 75 - Independent Expert Reports to Shareholders.
• "Family Law Rules 2004" prepared by the Family Court of Australia. www.familycourt.gov.au
• "Guidelines for Expert Witnesses in Proceedings in the Federal Court of Australia" published by the Federal Court of Australia. www.fedcourt.gov.au/how/prac_direction.html

[back to top]