The issuer, lead manager and the independent reporting accountant must ensure that sufficient details on the bases and assumptions of the projections are disclosed to enable the investor to assess the reliability of the projections and the effect of any changes to the assumptions used. The bases and assumptions must:

(a) Provide useful information to investors to assist them in forming a view as to the reasonableness and reliability of the projections;
(b) Draw the investors' attention to, and where possible quantify, those uncertain factors which could materially affect the achievement of the projections;
(c) Avoid generalisations and all-embracing assumptions (general asumptions, where applicable, could be made) and those relating to the general accuracy of the projections; and
(d) Be clearly stated and reviewed for reasonableness by the directors who are responsible for the projections, bases and assumptions.
January 2014