Companies Act 2014 section 1030

Expert's report: supplemental provisions in relation to section 1028

Section 1030 sets out the supporting rules that apply when an expert is carrying out a valuation or preparing a report on non-cash consideration proposed by a public limited company (PLC) in exchange for shares.

• An expert carrying out a valuation or report for a PLC under section 1028 has the right to demand from the company's officers any information and explanations needed to complete the work.
• The PLC must file a copy of the expert's report with the Registrar at the same time as it files the return of allotment of the relevant shares.
• Failure to file the report with the Registrar is a category 4 offence, attracting the same penalties as a failure to file allotment particulars.
• Any person who knowingly or recklessly provides the expert with a statement that is false or misleading in a material respect is guilty of a category 2 offence.

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