(1) Subject to paragraph (7), a report to the shareholders of the Irish converting company on the draft terms shall be drawn up in accordance with this Regulation and be made available to the members not less than 30 days before the date of the general meeting referred to in Regulation 14.

(2) The report shall be drawn up by a person or persons (in this Regulation referred to as the "expert"), being a qualified person or persons, as the case may be, appointed for the Irish converting company by its directors.

(3) A person is a qualified person for the purposes of this Regulation if that person -

(a) is a statutory auditor, and

(b) is not -

(i) a person who is or, within the period of 12 months before the date of the draft terms, has been an officer or employee of the Irish converting company,

(ii) a parent, spouse, civil partner, brother, sister or child of an officer of the Irish converting company, or

(iii) a person who is a partner, or in the employment, of an officer or employee of the Irish converting company.