Non-Statutory Auditors Report to Bank In Connection With Financial Assistance
REPORT BY THE AUDITORS OF LPO ENGINEERING NIGERIA LIMITED (THE COMPANY ) TO
RFQ BANK PLC (THE BANK )
This report is given in connection with the proposed arrangement whereby the company will give financial assistance for the purchase of its own shares, particulars of which are given in the report made by the directors this day pursuant to section 334 of the Companies and Allied Matters Act 1990 (the Act ).
The purpose of this report is to assist the bank in considering whether the proposed arrangement is permitted under section 162 of the Act and it is not intended to be used, quoted or referred to for any other purpose.
We have examined the Board Memorandum dated [ ] (a copy of which is attached, initialled by us for the purpose of identification ) for which the directors are solely responsible and have enquired into the companys state of affairs so far as necessary for us to review the basis for the Board Memorandum.
Our enquiry did not constitute an audit under the provisions of the Companies and Allied Matters Act 1990.
We confirm that as at the close of business on [ ] [same date as paragraph 1 of the board memorandum]1
As at the close of business on [ ] [the latest practicable date before the memorandum is signed] the total number of its shares, or of its shares of any one class, held by persons other than the company is not less than eighty five per cent of the total number of shares, or of shares of that class, which have been issued
From our knowledge of events since that date and of the likely course of the companys business [as described in the accompanying paper], the directors have formed the opinion that the total number of its ordinary shares, held by persons other than the company is not less than eighty five per cent of the total number of ordinary shares, which have been issued.
We are not aware of anything to indicate that the opinion expressed by the Board Memorandum is unreasonable in all the circumstances.
[Same date as report of directors]