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Due diligence process in Feltex IPO "very thorough"

Due diligence process in Feltex IPO "very thorough"

The importance of robust due diligence processes in significant capital raisings is a key take-out from the High Court decision this week clearing the former Feltex directors from liability for shareholder losses.

The Court found that the company's 2004 IPO document was not misleading under the Securities Act.

Even had misleading statements been made, the Court considered the process by which the prospectus had been settled was so thorough that the directors could prove they had reasonable grounds to believe in the accuracy of its contents.

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