Further Details
The following sets out the content of the course in the approximate order in which it will be discussed during the day.
Introduction to stockmarkets
NYSE, NASDAQ, AMEX
The London Stock Exchange (LSE)
o UKLA, FSMA & FSA
Continental European stockmarkets
Choice of stockmarkets
US offers
The Securities Act 1933 & the Securities Exchange Act 1934
o Public offers and rules 144 & 144a private placements
o QIBs
o Regulation S
o Ongoing disclosure requirements
Documentation
o The registration statement & Form F-1
o Comment letters
o The Red Herring & expressions of interest
o Further reporting requirements
ADRs
UK offers
Regulatory framework
o FSMA, FSA, UKLA, LSE
o The Purple Book
o Fixed price public offers & placings
The Alternative Investment Market (AIM)
o Effect of the EU Prospectus Directive
o AIM fast-track admission for foreign companies
Contents of a prospectus
The lead bank (sponsor)
Pitching for the business
Selection and appointment
Objectives and responsibilities
Global co-ordinator & bookrunner
Syndication: purpose, structure & participants
Transaction management
Fees & costs
Secondary equity offers
Rights issues & open offers
US marketed offers
Bought deals/block trades
Accelerated bookbuilding
US & UK restrictions
Preparation for flotation
Finalising the Investment Case
Valuing the company (DCF & comparables)
Pre-marketing, formal marketing & the roadshow
The role of research
Bookbuilding & bidding strategies
Timing, pricing & underwriting
Structuring the shareholder list & lockups
Stabilisation & the Greenshoe option
Definition of a successful deal
Guide price
£3,200 per day + VAT |
