27.1 REQUIREMENTS FOR PROFIT FORECASTS AND QUANTIFIED FINANCIAL BENEFITS STATEMENTS

(a) Except with the consent of the Panel, if, during an offer period (or in an announcement which commences an offer period), the Target or a securities exchange Bidder publishes a profit forecast or a quantified financial benefits statement, the document or announcement in which the forecast or statement is first published must include:
(i) a report from its reporting accountants stating that, in their opinion, the forecast or statement has been properly compiled on the basis stated and (in the case of a profit forecast only) that the basis of accounting used is consistent with the company's accounting policies; and
(ii) a report from its financial adviser(s) stating that, in its (or their) opinion, the forecast or statement has been prepared with due care and consideration.
(b) Except with the consent of the Panel, if the Target or a securities exchange Bidder published a profit forecast before the offer period commenced but after it received or made an approach with regard to a possible offer, the offer document or Target board circular (as appropriate), or any earlier document or announcement published during the offer period in which the profit forecast is referred to, must repeat the profit forecast and include the reports from its reporting accountants and financial adviser(s) specified in Paragraph 27.1(a)(i) and (ii).
(c) Except with the consent of the Panel, if the Target or a securities exchange Bidder published a profit forecast before it received or made an approach with regard to a possible offer, the offer document or Target board circular (as appropriate), or any earlier document or announcement published during the offer period in which the profit forecast is referred to, must:
(i) repeat the profit forecast and include a statement by the directors that it remains valid and confirmations by the directors that the profit forecast has been properly compiled on the basis of the assumptions stated and that the basis of accounting used is consistent with the company's accounting policies (the "directors' confirmations"); or
(ii) include a statement by the directors that the profit forecast is no longer valid and an explanation of why that is the case; or
(iii) include a new profit forecast for the relevant period and the reports from its reporting accountants and financial adviser(s) specified in Paragraph 27.1(a)(i) and (ii).
(d) See also Paragraph 27.2(b).