Valuation policies in detail Sample Clauses

Valuation policies in detail. In determining the valuation of the Company’s investments, the Board will apply the following principles and procedures: • Investments are valued at estimated fair value (the amount that the investment could be exchanged between knowledgeable, willing parties in an arm’s length transaction) using the method of valuation which best and most objectively reflects such fair value. • During the first 12 months after making the investment, the acquisition cost is considered to be the fair market value, unless there is a change or event which establishes a change in value. • If there is a recent significant arm’s length, bona fide, enforceable offer or transaction (a “Value Event”) with respect to an investment, values used in such offers or transactions are used in the valuation of the investment. Prices are adjusted to reflect the value an ordinary purchaser would likely have paid. Similarly, if there is a valuation prepared by a qualified independent party, that valuation may be used to give a valid indication of the current value of an investment. If there is not a “recent” Value Event or evidence of a change in value, the value from the last Value Event will be used. • If an investment is progressing satisfactorily in relation to the Company’s expectations and there has not been a recent Value Event, then the best and most objective traditional valuation method may be used to estimate the entire value of the portfolio company – the enterprise value. This enterprise value is determined using one of a selection of methodologies depending on the nature, facts and circumstances of the investment. • The best and most objective method is in most cases to estimate the enterprise value based on multiples used in the last Value Event. In the case of MFIs, banks and other financial services providers that lend from their own balance sheet, this is the book value multiple used in the last Value Event, applied to the current net book value of the investee company. In the case of other companies, this is the revenue or earnings (EBITDA) multiple used in the last Value Event, applied to the current revenue or earnings of the investee company. • Revenue and earnings used are usually the management accounts for the 12 months to the quarter end preceding the reporting period, unless data from forecasts or the latest audited accounts provides a more reliable picture of maintainable revenue or earnings. In cases where forward multiples have been used in the last Value Event, t...
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Related to Valuation policies in detail

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  • Admission Policy The Academy shall comply with all admissions policies and criteria required by laws applicable to public school academies under the Code. The Academy must make a reasonable effort to advertise its enrollment openings. Open enrollment must be for a period of at least two (2) weeks and shall permit the enrollment of pupils by parents and/or guardians at times in the evening and weekends, and shall comply with all requirements of Applicable Law. Schedule 9.

  • Competition Policy 1. The Parties recognize the importance of cooperation and technical assistance between their national competition authorities, including inter alia, the exchange of information and experiences, and the improvement of technical capacities in order to reinforce their competition policies. 2. In this sense, cooperation shall be conducted in accordance with their respective domestic laws and through their national competition authorities, who may sign a cooperation agreement.

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