20If the proceeds, or any part of the proceeds, of the issue of the shares or debentures are or is to be applied directly or indirectly in the purchase of any business, a report made by accountants (who shall be named in the prospectus) upon—
(a)the profits or losses of the business in respect of each of the five financial years immediately preceding the issue of the prospectus; and
(b)the assets and liabilities of the business at the last date to which the accounts of the business were made up.