1.5 Proposed future acquisition (10 marks) In addition to the Burly Ltd acquisition, Surf Ltd has entered into an agreement to purchase 60% of the shares of another competitor, North Contractors Ltd (note, this acquisition does not occur until after 30 June 2023). As part of the agreement, Surf Ltd's directors will hold 3 out of 5 of the director positions of North Contractors Ltd. North Contractors Pty Ltd in turn hold 100% of the shares of South Engineering Ltd. Of the 40% remaining shares of North Contractors Ltd, CIQ Ltd owns 15% of the shares (with the balance owned by many smaller shareholders). Required: a) Will Surf Ltd control South Engineering Ltd? Explain b) Are there any entities that would be considered to have direct control over other entities? Explain c) What reporting disclosure requirements if any will be required and what type of interest is the interest in North Contractors Ltd? Explain