Richard Norris


M: 0416 152 823

Independent Expert's Report (IER) specialist

Former KPMG and Deloitte advisor

Fellow of the Institute of Chartered Accountants

Fellow of the Financial Services Institute of Australasia

BA (Hons), MAppFin, FCA, F Fin


Bachelor of Arts with Honours, University of Exeter

Institute of Chartered Accountants in England and Wales

Masters of Applied Finance, Securities Institute of Australia (now FINSIA)

Accredited expert witness, Royal Institute of Chartered Surveyors (RICS)

Professional Memberships

Fellow of the Institute of Chartered Accountants in England and Wales

Fellow of the Financial Services Institute of Australasia

Experience Overview

Richard joined Leadenhall in 2011 to lead our New South Wales practice. He has 16 years of financial services experience, including ten years focussed on the valuation of businesses and companies. After qualifying as a Chartered Accountant with KPMG in the UK, Richard moved to Sydney and joined the Corporate Finance team at Deloitte. Richard’s specialist knowledge includes the preparation of IERs, valuations for M&As and for taxation and financial reporting purposes, financial modelling, the provision of corporate advice in relation to proposed business transactions, and valuation advice in relation to disputes or litigation.


Valuation of BAE Systems as part of a tax matter.

Valuation of MSI Tilley (a small accounting firm) to assist with merger negotiations with a financial planning practice.

Valuation of Pulse Australasia to determine entry price of new shareholders.

Independent Expert Reports

Richard has led the preparation of numerous IERs for related party takeover offers and schemes, acquisitions and disposals of substantial assets, shareholders acquiring a greater than 20% interest, and voluntary responses to takeover offers, including:

Excel Coal – $2.4bn takeover offer from Peabody

ICAA & NZICA – proposed merger of accounting bodies

K&S – related party acquisition of fellow logistics company Scott Corp

Namoi Cotton – proposed marketing joint venture with Louis Dreyfus

Two Way – acquisition of Donaco, a Vietnamese casino operator

UNiTAB – $2bn merger with Tattersalls

United Energy – $1.3bn takeover offer from Power Partners

Numerous property trusts

Litigation Support

Expert opinion on the valuation of an early stage hedge fund business

Expert opinion regarding the allocation of $1.8bn between two industrial services businesses

Expert opinion on the accuracy of an Independent Expert’s Report for a related party transaction undertaken by a listed entity

An independent valuation opinion about a significant (but non-controlling) stake in one part of a stapled security

Financial Reporting

PPAs and intangible asset valuations for FlexiGroup, Macquarie Bank, Peoplebank and STW

Valuation of share based payments for Hills, Mayne Pharma and Stockland

Impairment testing and discount rate advice for ASX Top 50 clients

Author of ‘Audit committee guide to impairment’

Tax Support

Richard has prepared valuations for capital gains tax, income tax and stamp duty purposes for clients such as:

Australian Taxation Office

Carl Zeiss

Macquarie Bank