Valuer. Any valuer we use is an independent contractor and not our agent or employee. We are not responsible for the acts or omissions of the valuer. The valuation obtained is for our use and benefit only. Even if we give you a copy, you may not rely on it or take any action against us based on it. If you wish to rely on it you will need to arrange this with the valuer.
Valuer. In the case of determination by a valuer:
(a) the fees and expenses of the valuer including the cost of his appointment shall be borne as he shall decide or in the absence of any decision equally by the Landlord and the Tenant who shall otherwise each bear their own costs;
(b) the valuer shall afford the Landlord and the Tenant an opportunity to make representations to him; and
(c) if the valuer dies, delays or becomes unwilling or incapable of acting or if for any other reason the president for the time being of the Royal Institution of Chartered Surveyors or the person acting on his behalf thinks fit he may discharge the valuer and appoint another in his place.
Valuer. (a) The Principal Buyer and PDL must jointly instruct the Valuer within 10 Business Days after a referral under clause 5.2(h) and on the basis that the Valuer agrees to make a determination in relation to the Matters In Dispute and any consequential adjustments to the Completion Statement (Valuer's Adjustments) no later than 50 Business Days after the Referral Date as defined in clause 5.3(b)(1).
(b) The procedures to be used by the Valuer in determining the Valuer's Adjustments shall be as follows:
(1) PDL and the Principal Buyer will together provide to the Valuer copies of this agreement, the Completion Accounts, the draft Completion Statement, the draft Apportionment Statement, the Co-ordination agreement draft EBIT Statement and the notice of Matters In Dispute as provided to PDL under clause 5.2(i). The date upon which the Valuer receives such documents is referred to in this clause as the Referral Date.
(2) Each of the Principal Buyer and PDL may make a single submission to the Valuer in relation to the Matters In Dispute which submission will not exceed 25 A4 pages in length, within 15 Business Days after the Referral Date.
(3) The Principal Buyer and PDL will be permitted to deliver to the Valuer a response to the submission of the other party described in sub-clause 5.3(b)(2) above, which shall not exceed 5 A4 pages in length. The responses contemplated by this clause 5.3(b)(3) will be delivered, if at all, within 15 Business Days after receipt of the other party's submission described in clause 5.3(b)(2) above.
(4) The Valuer must review the documents submitted by the parties and have the opportunity to ask specific written questions of or request specific historical documents from either party to clarify its understanding of the submissions. In relation to questions asked of one party, the other party may submit to the Valuer written dissent to any response submitted by the first party to the Valuer.
(5) Copies of any submission, response or document submitted to or by the Valuer by or to a party as contemplated in this clause will be submitted by the Valuer to the other party simultaneously or as soon as received, as the case may be.
(6) The Valuer will deliver its determination of the Matters In Dispute and the Valuer's Adjustments within 50 Business Days following the Referral Date. The Valuer's determination is final and binding on the parties.
(7) The fees and expenses of the Valuer will be shared equally by PDL and the Principal Buyer.
(8...
Valuer. The provisions of paragraph 4.2 of this agreement shall apply, with the necessary changes, to disputes in relation to the EBIT Certificate. Co-ordination agreement
Valuer. The First Valuer has adopted both the asset-based approach ( 資 產 基 礎 法 ) and the income approach ( 收 益 法 ) in determining the value of the Target Group. As each of the Target Company and GOME Logistics (a wholly owned subsidiary of the Target Company and the immediate holding company of Anxun Logistics) is an investment holding company and has no revenue, the asset-based approach was used by the First Valuer in determining the value of the Target Company and GOME Logistics. As Anxun Logistics has active operations and is generating revenue, the income approach was used to determine its value. Based on such valuation approaches, the First Valuer has determined that the value attributable to the shareholders of the Target Company as at 31 March 2019 was approximately RMB3,043.96 million. Similar to the First Valuer, the Second Valuer has also adopted both the asset-based approach and the income approach in determining the value of the Target Group. The rationale for using two approaches was the same as that of the First Valuer where the asset-based approach was considered by the Second Valuer as a more appropriate method for determining the value of the Target Company and GOME Logistics, as each of the them is an investment holding company and has no revenue, and the income approach was used for determining the value of Anxun Logistics, as it has active operations and is generating revenue. Based on such valuation approaches, the Second Valuer has determined that the value attributable to the shareholders of the Target Company as at 31 March 2019 was approximately RMB3,046.90 million. Notwithstanding that the valuation reports prepared by the Independent Valuers were only used by the Company as reference tools and were not the primary factor for determining the consideration, the valuation reports prepared by the Independent Valuers, which used the income approach as one of the methods in determining the value of the Target Group is considered to be a profit forecast under Rule 14.61 of the Listing Rules. The principal assumptions adopted by the Independent Valuers are as follows:
Valuer. 7.1 A Valuer must be a chartered surveyor appointed jointly by the Landlord and the Tenant or (if either of them fails to concur in an appointment for ten Working Days after being asked by the other) a Valuer may be nominated at the request of either by the President for the time being of the Royal Institution of Chartered Surveyors.
Valuer. (a) The fees and expenses of the valuer including the cost of his appointment shall be borne as he shall decide or in the absence of any decision equally by the Landlord and the Tenant who shall otherwise each bear their own costs.
(b) The valuer shall afford the Landlord and the Tenant an opportunity to make representations to him.
(c) If the valuer dies, delays or becomes unwilling or incapable of acting or if for any other reason the president for the time being of the Royal Institution of Chartered Surveyors or the person acting on his behalf thinks fit he may discharge the valuer and appoint another in his place.
Valuer an experienced independent valuer nominated by the President from time to time of the Institute of Chartered Accountants in England and Wales;
Valuer person who is a member of the Australian Property Institute in the real property valuation category.
Valuer. Laurelcap, being the independent registered property valuer for the Proposed Acquisition, has given and has not subsequently withdrawn its written consent to the inclusion of its name, the Valuation Certificate and all references thereto in the form and context in which they appear in this Circular. Laurelcap is also not aware of any conflict of interests which exists or is likely to exist in its capacity as the independent registered property valuer to our Company for the Proposed Acquisition.
