Maurice Nussenbaum, Chairman of Sorgem Evaluation and the APEI, Thomas Hachette, Partner at Sorgem Evaluation, and Guillain Fournier from the AMF’s Public Offerings Division, gave a presentation this morning at the IMA on the subject of independent valuations and market transactions.
Maurice Nussenbaum and Guillain Fournier were thus able to outline the context of independent valuation, the work carried out by the valuer, the AMF’s oversight and the organisation of communication between the AMF and the independent valuer. A comparison with fairness opinions across the Atlantic was also carried out.
As part of the reduction in the RO threshold from 95% to 90% (the ‘PACTE’ Act) and following on from the work arising from the Naulot report, a working group was set up in March 2019, which is expected to result in a forthcoming publication – one that, judging by this morning’s discussions, appears to be eagerly awaited. This will likely provide an opportunity to organise a further discussion on the topic of independent expert reports!
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