Unquoted shares and securities are those that are not quoted. For further information on which shares and securities are considered quoted, for these purposes, see the introduction to I8.301.
The same open market basis of valuation1 (see I8.201) applies to these as to other forms of property, except that there is a specific provision concerning the amount of information available to the prospective purchasers2.
The rule that the price is not to be reduced on the ground that the whole property is placed on the market at once3, applies to unquoted as well as to quoted shares.
Information available to a prospective purchaser
It has to be assumed that the open market purchaser has available to him all the information that a prudent prospective purchaser might reasonably require if he were proposing to purchase the shares or securities from a willing vendor by private treaty and at arm's length4. It is important to note that this paragraph is concerned only with the information available in the
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