Why Go Offshore?  Why Bermuda?

707 views

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
707
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
12
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • First, I’d like to give a little quick background on the BSX. The BSX was founded in 1971 as the domestic stock market for Bermuda, and has supported a thriving local market ever since. In 1995, after several years of planning, the new international board of the BSX was opened to list institutional investments such as offshore funds and hedge funds, specialist debt, restricted marketing equities, and to offer niche trading. With our long history, the BSX quickly received recognition as a Designated Offshore Securities Market under Reg S. The BSX is seeking additional designations from other important jurisdictions like the UK. Bermuda is an OECD member nation, and the BSX is an affiliate member of IOSCO and the FIBV. As such, we have the credentials that most institutions seek in a listing. Our growth has been tremendous: we currently have more than 250 listings, including more than 170 funds, and our trading surpasses $1 billion a month (primarily in international trading).
  • Benefits of Going Public – This list is not exhaustive. I have designed it provide an overview of some of the key and immediate benefits that may be derived by taking your company public. Improved Financial Position – An IPO provides the company with new money that does not need to be repaid, immediately improving the company’s financial position and providing it with capital it needs to further develop its product, start production, increase sales and recruit personnel and sustain future growth. Increase Market Recognition – Once a company goes public it is more vizable to the market and investors. Market information dissemination intermediaries and periodic reporting ensures a constant flow of information into the public domain. Greater Marketability - Vizability may create demand for the company’s shares in the market. A public market for a company’s shares can also make lenders more comfortable lending money as shares may be used for collateral. Improved Value – Demand created by the improved vizability of the company may drive the value of the company’s shares up and as a result the overall market value of the company. Improved Opportunities for Future Financing – By going public a company USUALLY improves its net worth and broadens its equity base. If its stock performs well in the secondary market, it should be able to raise additional capital on favourable terms.
  • Benefits of a Stock Exchange Listing The listing of a companies shares on a recognized stock exchange provides the following benefits: Trading Venue: Stock Exchanges provide a trading mechanism which permits buyers and sellers to come together. The easier it is for buyers and sellers to meet, the deeper market and greater liquidity. Liquidity: Is the ease at which buyers and sellers can trade a companies stock. Of course the greater the liquidity the truer the market price is. Regulatory Oversight & Investor Protection: A listing on a stock exchange can only be achieved if the company meets the listing requirements of the Exchange. I shall touch on several key BSX regulatory requirements in a moment to provide you with some background on what is generally expected of a company when being considered for listing. A formal listing convey a regulatory stamp of approval, which typically give investors a level of comfort that the company is being regulated that that they will be alt to obtain relevant company information. All exchanges operate on the premise of ensuring that the best interests of shareholders are met. Information Dissemination: All properly organized stock exchanges have information dissemination capabilities to ensure that investors can recive up to the minute dealing information and material company announcements. Transparency is essential to ensure that the market is operating in a fair and orderly fashion based upon all current available information.
  • Timing is Everything As I have mentioned earlier—the questions is not one of if the company should go to the market but when. Ensuring that the company is ready, that its house is in order, that its finances, product development and growth prospects are good and realistic are all key to a successful public launch. Are the market conditions favourable. What haas been the general performance of the market sector in which your company will occupy space. If has been doing poorly than the company maybe in for a bit of adisappointment when the shares begin to trade. Alternatively, Has the market been prepared for the company? Even if good times if proper preparation has not been undertaken public reception could be lukewarm or poor. Thus Plan your launch timeframe carefully!
  • Disadvantages of going public to early Additional pressure on management’s time. During the early stages of a company’s development management tends to be very involved in key aspect of the company’s development. Going public will cause management to have to re-direct some of its time to prepare for the public offering. This re-focus of management’s attention could have impact the continuity of the company’s development at a critical time. Bad valuation. If the company or market is not ready, a valuation hit may be the result. Investor relations – the company will need to implement new procedures to support questions,information request and comments from new shareholders. This cost could have an impact on the company at a time when resources should be directed to product launch or production.
  • Who Are They? - Onshore This slide represents several onshore Exchanges that are currently targeting high growth potential companies, some general information and URL’s for further research. When considering the Exchange to approach for listing, a company must keep in mind the location of its shareholder base. Many companies are global before they go public—does the exchange meet the needs of a global investing audience. Does the exchange have he proper regulatory recognition that will convey a stamp of quality on the listed issuer? Does the Exchange react to the needs of its clients? Does the Exchange understand your business and its needs? These are just some of the thing a company contemplating listing should consider. In all cases companies should contact the exchange at their earliest convenience to obtain assistance in preparing for listing. North America Of course NASDAQ is currently the goal for new high growth companies. Both boards noted above provide regulatory oversight, vizability, information disseminations capabilities. The Bulletin Board however does not carry the same level of regulatory recognition. The Canadian Venture Exchange has re-shaped itself as a result of the Canadian capital market–restructing that took place in 1999 and is positioning itself to be the launch point for smaller companies aspiring for a TSE listing.
  • Who are they? Onshore Europe EASDAQ- interesting to watch how EASDAQ evolves with the launch of NASDAQ Europe Euro.NM- Concereted effort of 5 stock exchanges Neuer market
  • END
  • Why Go Offshore?  Why Bermuda?

    1. 1. <ul><li>E-Commerce: Why Offshore… </li></ul><ul><li>Why Bermuda? </li></ul>Bermuda: The Future of Offshore, Today London, January 22, 2001
    2. 2. E-Commerce: Why Offshore… Why Bermuda? <ul><li>Moderator: The Hon. MD Renee Webb, JP, MP </li></ul><ul><li>Minister of Telecommunications and e-Commerce </li></ul><ul><li>Tim Marshall </li></ul><ul><li>Leigh Estabrook </li></ul><ul><li>Greg Wojciechowski </li></ul><ul><li>Dr. Robert Edwards </li></ul>London, January 22, 2001
    3. 3. Timothy Z. Marshall Senior Partner Marshall Aicardi
    4. 4. The Bermuda Advantage <ul><li>Availability of secure and reasonably priced bandwidth from multiple sources </li></ul><ul><ul><li>Cable & Wireless </li></ul></ul><ul><ul><li>360 Networks </li></ul></ul><ul><li>Bermuda is a strategic telecommunications hub </li></ul>
    5. 5. The Bermuda Advantage cont... <ul><li>Respected international reputation and political stability </li></ul><ul><ul><li>Oldest democracy in Western Hemisphere </li></ul></ul><ul><ul><li>Westminster Style of Government </li></ul></ul><ul><ul><li>Both political parties committed to promoting and expanding international business </li></ul></ul><ul><ul><li>Laws and policies designed to let in only those businesses that enhance Bermuda’s reputation </li></ul></ul>
    6. 6. The Bermuda Advantage cont... <ul><li>Familiar legal system, Legislation and policies </li></ul><ul><ul><li>Bermuda Courts and procedures are modelled after United Kingdom with ultimate appeal to the Privy Council </li></ul></ul><ul><ul><li>Bermuda’s laws are based on British legal traditions </li></ul></ul><ul><ul><li>Companies Act, 1981 </li></ul></ul><ul><ul><li>Electronic Transaction Act 1998 </li></ul></ul><ul><ul><li>Corporate vehicle flexibility </li></ul></ul>
    7. 7. The Bermuda Advantage cont... <ul><li>Favourable and reputable tax environment </li></ul><ul><ul><li>Bermuda’s tax structure does not include income tax, profit tax, capital gains tax or withholding tax </li></ul></ul><ul><ul><li>Opportunities for legitimate tax planning </li></ul></ul><ul><ul><li>OECD approved </li></ul></ul>
    8. 8. The Bermuda Advantage cont... <ul><li>Sensible immigration policies </li></ul><ul><ul><li>Designed to assist international businesses and promote opportunities for Bermudians </li></ul></ul><ul><li>Bermuda is strategically located </li></ul><ul><ul><li>Close proximity to the US/Canada </li></ul></ul><ul><ul><li>Direct flights to and from the U.K. </li></ul></ul><ul><ul><li>Businesses are conveniently able to operate in multiple time zones </li></ul></ul>
    9. 9. The Bermuda Advantage cont... <ul><li>Sophisticated Infrastructure </li></ul><ul><ul><li>Established banking institutions with worldwide offices and affiliates </li></ul></ul><ul><ul><li>Multiple currency credit card processing facilities </li></ul></ul><ul><ul><li>A choice of knowledgeable law and accountancy firms </li></ul></ul><ul><ul><li>Skilled E-commerce service providers and work force </li></ul></ul>
    10. 10. Examples of Bermuda’s E-Commerce Service Providers
    11. 11. Service Providers <ul><li>360 Networks/ TeleBermuda Int’l </li></ul><ul><ul><li>World-class E-Commerce Secure hardened facility with up to 1.28 terabit bandwidth capacity </li></ul></ul><ul><ul><li>climate controlled with back-up power facilities. </li></ul></ul><ul><li>Cable & Wireless </li></ul><ul><ul><li>Comprehensive E-business solutions centre inclusive of web-hosting </li></ul></ul><ul><ul><li>online payment processing solutions and high-speed internet access </li></ul></ul><ul><ul><li>Owned by Cable &Wireless PLC </li></ul></ul>
    12. 12. Global Connectivity
    13. 13. Service Providers cont. <ul><li>BTC </li></ul><ul><ul><li>Dynamic realm of Data Services including high-speed LAN </li></ul></ul><ul><ul><li>WAN connectivity </li></ul></ul><ul><ul><li>Ranges of data services from DS-0(64kbs) through T3(45mbs) </li></ul></ul><ul><ul><li>Owned by Keytech, a Bermuda publicly traded company </li></ul></ul><ul><li>North Rock Communications </li></ul><ul><li>competitively priced e-commerce plans encompassing: </li></ul><ul><ul><li>credit card processing </li></ul></ul><ul><ul><li>credit card merchant accounts </li></ul></ul><ul><ul><li>fully customizable shopping carts </li></ul></ul><ul><ul><li>Bermudian-owned </li></ul></ul>
    14. 14. Service Providers cont. <ul><li>Logic Communications </li></ul><ul><ul><li>One-stop shop for on-line business </li></ul></ul><ul><ul><li>Provides a range of services from design strategies to secure hosting for e-commerce </li></ul></ul><ul><ul><li>Owned by Keytech, a Bermuda publicly traded company </li></ul></ul><ul><li>E-Venture Centre </li></ul><ul><ul><li>Provides promising start-ups with all the tools necessary to build successful e-businesses that traverse the globe </li></ul></ul><ul><ul><li>Joint venture between Centre Financial Services and Paragon Bermuda Ltd. </li></ul></ul>
    15. 15. Legislative Environment <ul><li>Electronic Transactions Act 1999 </li></ul><ul><ul><li>One of the first in the world </li></ul></ul><ul><ul><li>Partnership between Government and private industry </li></ul></ul>
    16. 16. Characteristics of Electronic Transactions Act 1999 <ul><li>Legal recognition of electronic records and signatory </li></ul><ul><li>Recognition of the validity of electronic contracts </li></ul><ul><li>The requirement for writing may be met in the form of an electronic record </li></ul><ul><li>Electronic records shall be admissible as evidence </li></ul>
    17. 17. Standard for Electronic Transactions <ul><li>Established to protect Bermuda’s business integrity </li></ul><ul><li>Set up as a standard for the service providers and intermediaries carrying on business in or from Bermuda </li></ul><ul><li>Protection of personal data </li></ul><ul><li>Creation of Safe Harbour Guidelines </li></ul>
    18. 18. Know Your Customer - Guidelines <ul><li>Bermuda’s internal regulations to protect the Island’s business and integrity </li></ul><ul><li>Three facets important to know your customer </li></ul><ul><ul><li>Internal regulations </li></ul></ul><ul><ul><li>OECD guidelines </li></ul></ul><ul><ul><li>Anti-Money Laundering Legislation </li></ul></ul>
    19. 19. Prohibited Activities <ul><li>No gaming, lotteries or adult sites permitted to operate from Bermuda </li></ul>
    20. 20. Incorporation Process <ul><li>Initial vetting by local service provider (normally a law firm) </li></ul><ul><li>Completion of disclosure documents for Government (disclosure not for public review) </li></ul><ul><li>Choice of capital structure (minimum US $12,000 share capital) </li></ul>
    21. 21. Incorporation Process cont. <ul><li>Choice of name and upon receipt of materials, submission to Bermuda Monetary Authority for review </li></ul><ul><li>Government approval </li></ul>
    22. 22. Incorporation Process cont. <ul><li>Organisation - either: </li></ul><ul><ul><li>two Bermuda directors; or </li></ul></ul><ul><ul><li>one Bermuda director and one Bermuda secretary; or </li></ul></ul><ul><ul><li>one Bermuda secretary and one resident representative </li></ul></ul><ul><li>Annual Fees </li></ul><ul><li>Normal Process time - one to two weeks </li></ul>
    23. 23. Bermuda’s Legislative Approach is Responsive to Innovative Businesses and a World Economy <ul><li>Transparency of laws and regulations guarantee recognition of Bermuda companies by foreign jurisdictions </li></ul><ul><li>OECD and EU endorsed regulations </li></ul><ul><li>An E-Commerce Ministry and Government’s close partnership with Bermuda’s business community means legislation and regulations can be fast tracked to take advantage or respond to world conditions, business needs and opportunities </li></ul>
    24. 24. Leigh Estabrook Executive Vice President First Atlantic Commerce
    25. 25. Fundamentals… <ul><li>Internet merchants are the first generation of &quot;mobile&quot; merchants who can now choose where they wish to domicile their e-business </li></ul><ul><li>To be successful in the B2C world, e-businesses need to be able to accept credit and debit cards in currencies suitable for their target consumer markets </li></ul><ul><li>Mid-size B2B entities are now shifting from traditional payment methodologies to credit card payment solutions </li></ul>
    26. 26. Fundamentals… <ul><li>VISA and MasterCard mandate that a corporate presence and back office support is required in the same country as the settlement bank </li></ul><ul><li>Currency of the Internet (for the time being) is USD shifting towards multi-currency capabilities </li></ul><ul><li>Bermuda falls into the Latin America Caribbean Region which is a USD denominated processing interchange </li></ul><ul><li>Two processors in the LACR are able to provide multicurrency payment solutions to banks and Internet merchants </li></ul>
    27. 27. Why Bermuda? <ul><li>Business simplification - Obvious advantages </li></ul><ul><li>Legal system based on English Common Law </li></ul><ul><li>Political and economic stability </li></ul><ul><li>Tax neutrality ie corporate income tax and sales tax </li></ul><ul><li>Well regulated e-commerce environment – ETA, The Standard, Proceeds of Crime, etc. </li></ul><ul><li>Access to reputable legal, accounting, banking, technology services </li></ul><ul><li>Bandwidth galore – one &quot;wired&quot; island! </li></ul>
    28. 28. Why Bermuda? <ul><li>Business simplification - Not-so-obvious advantages </li></ul><ul><li>Ability to establish an e-business for USD or multi-currency processing, including the Euro and pound sterling without the requirement of a US incorporation </li></ul><ul><li>Free access to foreign currency – no foreign currency exchange controls </li></ul><ul><li>Banks will review/accept virtual e-business start-ups </li></ul><ul><li>Multi-currency pricing and settlement services available </li></ul>
    29. 29. Why Bermuda? <ul><li>Business simplification - Not-so-obvious advantages </li></ul><ul><li>Separate region for Card Association compliance regulations from Europe and North America </li></ul><ul><li>Banks can provide VISA, MasterCard, AMEX through a single merchant account – no duality issues in the region </li></ul><ul><li>Ability to establish a &quot;VirtualCorp&quot; under the First Atlantic Commerce E-commerce Act 1999 </li></ul>
    30. 30. What is a VirtualCorp? <ul><li>Enables businesses to establish a corporate presence in Bermuda without the requirement of a &quot;full&quot; incorporation </li></ul><ul><li>A VirtualCorp is based on the Segregated Cell concept adopted from the captive reinsurance market </li></ul><ul><li>Each client’s assets and liabilities are “firewalled” from other clients, thus segregating one account from another </li></ul><ul><li>Deemed approved legal structure by Visa and MasterCard for the purposes of their regulatory compliance requirements </li></ul>
    31. 31. What is the value of a “VirtualCorp”? <ul><li>Enables e-businesses to establish their incorporation in their choice of jurisdiction for the purposes of meeting their business requirements AND </li></ul><ul><li>Fully access all the obvious and not-so-obvious business advantages that Bermuda has to offer to maximize their e-business growth </li></ul>
    32. 32. Who's setting up offshore? <ul><li>Software </li></ul><ul><li>E-Media </li></ul><ul><ul><li>online magazines </li></ul></ul><ul><ul><li>distance learning </li></ul></ul><ul><ul><li>university registration services </li></ul></ul><ul><li>Conferences with online registration </li></ul><ul><li>Legal firms for incorporation and registry services </li></ul><ul><li>Telephony services – subscription based billing </li></ul><ul><li>Online rental payments </li></ul><ul><li>Travel portals and vacation rentals </li></ul><ul><li>Online investment sites </li></ul><ul><li>Entertainment sites </li></ul><ul><ul><li>CDs </li></ul></ul><ul><ul><li>videos </li></ul></ul><ul><ul><li>concert simulcasts </li></ul></ul><ul><ul><li>graphic arts </li></ul></ul><ul><li>Business information portals </li></ul><ul><li>Domain name registration services </li></ul><ul><li>Insurance companies (consumer) </li></ul>Primarily digital content e-businesses such as:
    33. 33. First Atlantic Commerce Ltd <ul><li>Bermuda-based; established in April 1998 </li></ul><ul><li>Provide turn-key e-commerce solutions for e-businesses and financial institutions </li></ul><ul><li>FAC solves complex business issues through the use of unique Internet payment solutions (split jurisdictional, multi-jurisdictional, etc.) </li></ul><ul><li>Advanced industry expertise with e-commerce payment solutions, fraud management, web site security and international Card Association compliance regulations </li></ul>
    34. 34. First Atlantic Commerce Ltd <ul><li>First Data Corporation qualified Internet Payment Gateway – providing multi-currency payment solutions to banks on their North American and Caribbean platform </li></ul><ul><li>Qualified Internet payment gateway with First E-commerce Data Services (FEDS) in Bermuda, offering full end-to-end multi-currency payment solutions </li></ul><ul><li>Strategic partners include VISA International, First Data Corporation, Bank of Bermuda, Cable & Wireless, and others located in other jurisdictions </li></ul>
    35. 35. ACCESS AN OCEAN OF INNOVATION. The advances of the Internet have created an explosive opportunity in offshore e-business that is only starting to be realized BERMUDA
    36. 36. Greg Wojciechowski Chief Operating Officer Bermuda Stock Exchange
    37. 37. Bermuda Stock Exchange <ul><li>The world’s leading fully electronic offshore stock exchange </li></ul><ul><li>GOING PUBLIC </li></ul>“ It’s a Question of WHEN not IF”
    38. 38. Why Go Public?
    39. 39. Benefits of Going Public <ul><li>Raise Public Capital </li></ul><ul><li>Increase Market Recognition </li></ul><ul><li>Greater Marketability </li></ul><ul><li>Improved Valuations </li></ul><ul><li>Improved Opportunities for Future Financing </li></ul>
    40. 40. Benefits of Listing on a Stock Exchange <ul><li>Trading venue = Liquidity </li></ul><ul><li>Listed Shares are a form of Currency </li></ul><ul><li>Regulatory Oversight/Investor Protection </li></ul><ul><li>Information dissemination </li></ul>
    41. 41. BSX Shorts <ul><li>Founded 1971 </li></ul><ul><li>SEC Recognition, DIE pending </li></ul><ul><li>FIBV Full Member </li></ul><ul><li>OECD Member Nation </li></ul><ul><li>Over 320 Listings; 210 Funds </li></ul><ul><li>Daily Trading and rolling T+3 Settlement </li></ul><ul><li>Trading volume 2000 $230 Billion </li></ul><ul><li>Market Cap: > in excess $148 Billion </li></ul>
    42. 42. Timing is Everything <ul><li>Is the Company Ready? </li></ul><ul><li>Are Market Conditions Favourable? </li></ul><ul><li>Has the Market been Prepared for the Company? </li></ul><ul><li>Is the Company Large Enough to Get Noticed? </li></ul><ul><li>You Only Have One Chance to Make a Good Impression! </li></ul><ul><li>Plan Carefully </li></ul>
    43. 43. Disadvantages of Going Public Too Early <ul><li>Enormous Pressure on Management’s Time </li></ul><ul><li>Poor Valuation in the Secondary Market </li></ul><ul><li>Investor Relations Nightmare </li></ul>
    44. 44. Onshore Stock Exchange Listing Requirements <ul><li>Initial Listing Requirements </li></ul><ul><li>Minimum Market Cap (size) </li></ul><ul><li>Minimum Profitability </li></ul><ul><li>Minimum Track Record (ongoing operations) </li></ul><ul><li>Minimum Shareholder Spread </li></ul><ul><li>Minimum Share Price </li></ul>
    45. 45. Key Stock Exchange Listing Requirements <ul><li>Ongoing Listing Requirements </li></ul><ul><li>Regular Reporting (qtrly, semi-annual and annual) </li></ul><ul><li>Compliance with accounting standards </li></ul><ul><li>Disclosure of major/material events </li></ul><ul><li>Disclosure of substantial shareholders </li></ul><ul><li>Disclosure of directors and officers remuneration </li></ul>
    46. 46. Early Listing Options <ul><li>North America </li></ul><ul><li>NASDAQ – National Market, largest and most actively traded stocks. More than 4,400 securities. Small Cap market created for emerging growth companies, some 1,800 securities listed. www.nasdaq.com </li></ul><ul><li>The Canadian Venture Exchange (“CDNX”), newly established market (following the Canadian capital market re-structuring in 1999) for small to medium sized companies (min mkt cap . Over 2,400 securities listed. www.cdnx.ca </li></ul>
    47. 47. Early Listing Options <ul><li>Europe </li></ul><ul><li>EASDAQ , modelled on NASDAQ, for the listing and trading of shares in high-growth companies. Currently lists 56 companies and dual lists 17. www. easdaq .com </li></ul><ul><li>Euro.NM, the pan-European network of regulated stock markets. Its sector focus is high growth, small and medium sized companies within the European time zone. Currently over 400 companies are listed. www.euronm.com </li></ul><ul><li>Neuer Market, established by the Deutsche Borse in March of 1997 for high-growth potential start up companies. Neuer Market listing contribute up to nearly 50% of the stocks listed on the Euro.NM. The Neuer Market has over 200 listed securities. www.neuer-markt.de . </li></ul>
    48. 48. The BSX’s Mezzanine Market <ul><li>“ And Now For Something Completely Different” </li></ul>www.mezzmarket.com
    49. 49. Going Public Without Doing an IPO The BSX Mezzanine Market <ul><li>“ Listed Private Equity” </li></ul><ul><li>Institutional Marketplace – Qualified Investors only </li></ul><ul><li>Sits Between the “Family, Friends and Fools” Round and the Ultimate IPO on an International Exchange – Hence “Mezzanine” </li></ul><ul><li>QI’s = The Wealth, Wise and Well Advised </li></ul><ul><li>Focused on E-commerce and Hi-Tech Companies </li></ul>
    50. 50. Advantages of the Mezzanine Market <ul><li>Extremely Simple Listing Requirements </li></ul><ul><li>Preparatory phase for future IPO, thus providing insulation from market gyrations that may impact share/company valuation </li></ul><ul><li>Enhances Public Image and Prestige of Company </li></ul><ul><li>Exposes management to regulatory oversight and reporting requirements while not being overbearing </li></ul><ul><li>Secondary trading facility via a fully electronic central limit order book trading platform </li></ul><ul><li>Gives Angels & VC’s comfort that a liquidity event (IPO) pending </li></ul>
    51. 51. BSX/Mezzanine Market Success Stories <ul><li>FirstEcom.com Inc. </li></ul><ul><li>360 Networks – (formerly TBI and GlobeNet Communications) </li></ul><ul><li>Earthport.com </li></ul><ul><li>Conexys Corporation </li></ul><ul><li>Imumed International </li></ul>
    52. 52. Admission Procedure <ul><li>Appoint Sponsoring Broker </li></ul><ul><li>Application letter </li></ul><ul><li>Supporting documentation </li></ul><ul><li>A Prospectus = Private Placement Memorandum </li></ul>
    53. 53. On Going Responsibilities <ul><li>Material News </li></ul><ul><li>Annual Financial Results </li></ul><ul><li>Authorized Representation in Bermuda </li></ul>
    54. 54. BSX-Mezzanine Market When is Now! <ul><li>The answer to your timing problem </li></ul><ul><li>Prepare the market for your IPO from a recognized offshore stock exchange in a highly regarded jurisdiction. </li></ul><ul><li>Get management accustomed to regulatory compliance. </li></ul><ul><li>Enhanced distribution to a sophisticated investor base. </li></ul>
    55. 55. Dr. Robert Edwards Chairman and Founder Drawn and Quartered.com Ltd. London

    ×