Guidelines for Fairness Opinions and Valuation Reports

March 9, 2011PSE MEMORANDUM NO. 0104-11TO:The Investing Public and Market Participants   SUBJECT:Guidelines for Fairness Opinions and Valuation Reports Please be advised that in a letter of March 3, 2011, the Securities and Exchange Commission (the "Commission") advised the Exchange that the Guidelines for Fairness Opinions and Valuation Reports (the "Guidelines") was approved by the Commission on March 3, 2011. We attach as Annex "A" a copy of the Guidelines duly signed by the Exchange and the Commission. HEAcDCThe Guidelines will take effect on March 24, 2011. (SGD.) MARSHA M. RESURRECCIONOIC, Issuer Regulation DivisionNoted by: (SGD.) HANS B. SICATPresident & CEOATTACHMENT GUIDELINES FOR FAIRNESS OPINIONS AND VALUATION REPORTSI. ScopeThe proposed Guidelines for Fairness Opinions and Valuation Reports ("Guidelines") are applicable to listing applications covering a listing by way of introduction, mergers and non-cash transactions such as share-for-share swaps, debt-to-equity conversions, property-for-share swaps and other similar transactions. As announced in Memo for Brokers No. 398-2007 dated August 29, 2007 and under the revised rules on listing by way of introduction, an applicant company is required to submit...