24Limit on size of investee company

#### 24 Limit on size of investee company (1) If the PDF does not already hold other shares in the investee company, the total value of the investee company’s assets, as determined in accordance with this section, must not exceed $50 million. (2) If the PDF already holds other shares in the investee company, the total value of the investee company’s assets, as determined in accordance with this section, must not exceed $50 million unless the Board otherwise approves. (3) The Board may give an approval for the purposes of subsection (2) only if it is satisfied that it is desirable that the investment be made (in spite of the value of the investee company’s assets) in order to protect the PDF’s existing investment in the investee company. (4) Subject to subsections (5) and (6), for the purposes of this section, the total value of the investee company’s assets is the total value of its assets (both current and non‑current) as shown in the last audited accounts prepared in relation to the company for the purposes of Division 4 of Part 3.6 of the Corporations Act 2001 before the investment is made. (5) If: (a) no audited accounts of the kind referred to in subsection (4) have been so prepared within the period of 12 months ending when the investment is made; or (b) the last such audited accounts so prepared relate to a period that ended more than 18 months before the investment is made; then: (c) the PDF must not make the investment unless it first obtains an audited statement showing the total value of the investee company’s assets as at a time not more than 12 months before the investment is made; and (d) for the purposes of this section, the total value of the investee company’s assets is the total value as shown in that statement. (6) If the PDF has reason to believe that the last audited accounts of the kind referred to in subsection (4) do not accurately reflect the total value of the investee company’s assets, then: (a) subject to subsection (7), the PDF may, before making the investment, obtain an audited statement showing the total value of the investee company’s assets as at a time: (i) after those last audited accounts were prepared; and (ii) not more than 12 months before the investment is made; and (b) if the PDF obtains such a statement, then, for the purposes of this section, the total value of the investee company’s assets is the total value as shown in that statement. (7) The PDF must not make the investment without first obtaining a statement as mentioned in subsection (6) if an officer or investment manager of the PDF: (a) performs duties in connection with the making of the investment; and (b) has reason to believe that, since the last audited accounts of the kind referred to in subsection (4) were prepared, the total value of the investee company’s assets has, or may have, increased to an amount that exceeds $50 million. (8) A reference in subsection (5) or (6) to an audited statement is a reference to a statement audited by a person or firm: (a) who or that is appointed as the investee company’s auditor in accordance with the Corporations Act 2001; or (b) who or that is eligible to consent to being so appointed.