Where an independent expert report is not mandated by Item 8303 of Schedule 8 to the Corporations Regulations but nevertheless contains a forecast of profits, the protective function of Item 8305 is not solely dependent on the report being mandatory. It suffices that the Explanatory Statement include a statement that the forecast was not included with ASIC consent because the report was not mandated. The case also confirms the three-stage process for scheme approval and the limited scrutiny appropriate at the first (convening) stage.
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