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Time
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Speaker
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Material
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What information must be present and what must be contained in Auditors reports when making an offer?
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8h00
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Arrival and registration (Tea and pastries served)
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8h15
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Introduction and welcome
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Robert
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8h30
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Case study: Preparing of to draft an offer – What information should be on hand?
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Karl
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The Act and Regulations are very prescriptive about what can be done and how to present an offer document.
We discuss the what information is required to draft an offer as well as what may be included and what may not be included in the offer document, we evaluate:
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Information which must be included in a general or a limited offer;
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Where to find accredited experts and what is required from them;
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What are the requirements of the statement which must be included by the Auditor?
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10h15
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Tea with snacks
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10h45
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Case study: Auditors reports in terms of Regulation 77 to 79
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Karl
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The regulations require the Auditors in their capacity as experts to prepare certain reports which must be included in the offer document.
The case study discusses these requirements, by showing examples of Auditors reports and what formats these report must adhere to, we focus on:
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Presentation of financial information, and dates this information must be presented;
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Tests which should be performed by the Auditor and explanations about why certain adjustments have been made;
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What are the impact of adjustments to the income statement and balance sheet and how must they be presented; and
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How must the projections be presented in the offer document?
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12h45
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Lunch (provided)
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Preparing a public offer
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13h45
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Case study: Preparation of a general offer
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Karl
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We discuss the what the content of each and every paragraph should be in a prospectus as contemplated in the Act and the Regulations, inter alia:
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The layout and numbering must be adhered to in terms of the regulations;
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What positive and negative statements must be made as required in the Regulations;
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How the information provided by Expert’s should be included;
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Performing tests to ensure that the information provided is correct and casts correctly; and
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Following a check list to ensure that all requirements are adhered to prior to filing the offer with the Commission
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15h15
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Tea with snacks
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15h30
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Case study: Preparation of written statement if a Secondary offer is made as contemplated in Section 101 of Act
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Karl
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If a person wants to offer their securities to another party, the Act requires that a written notice or copy of a recent prospectus should be filed with the Commission before such offer can be made.
We discuss what information is required to compile such an offer document and show an example of such an offer document
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16h15
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Summary and conclusions
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Karl
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16h45
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Closing
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Karl
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