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Finance in Cornwall 2019 - Session 1

The document discusses financing opportunities for small and medium-sized enterprises (SMEs) in Cornwall, highlighting the significant funding gap and lack of awareness among SMEs regarding available funding options. It elaborates on various funding sources such as equity, debt, grants, and crowdfunding, along with the initiatives taken by the British Business Bank to enhance access to financing for businesses in the region. Additionally, it provides insight into specific investment strategies and criteria for attracting private equity funding.

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FINANCE IN CORNWALL 2019
INTRODUCTION Richard Wadman, Corporate Finance Director PKF Francis Clark
HOUSEKEEPING TWITTER @pkfFrancisClark #FCFinanceinCornwall19 Network ID - Lighthouse Cinema Guest Wi-Fi SLIDES www.slideshare.net/FrancisClarkLLP
“MAY YOU LIVE IN INTERESTING TIMES” UK BUSINESS FINANCE… “£10BN FUNDING GAP FACING SMALL BUSINESSES” “<20% SMES ARE AWARE OF HOW TO ACCESS PEER-TO- PEER FINANCE” “70% OF BUSINESSES DON’T KNOW HOW TO APPROACH VENTURE CAPITAL OR PRIVATE EQUITY INVESTORS” “16% BUSINESSES ARE CONFIDENT IN APPLYING FOR R&D TAX CREDITS” “19% KNOW HOW TO APPLY FOR GRANT FUNDING, AND SAME % ARE CONFIDENT IN USING THEIR ASSETS TO RAISE LOAN CAPITAL” “45% ARE CONFIDENT ABOUT ACCESSING EQUITY FROM ANGEL INVESTORS”
FUNDING OPTIONS: TYPES Equity Debt Grants Crowdfunding/ P2P
FUNDING OPTIONS: CHOICE • Appropriate • Tailored • Competitive
PRESENTERS And more…(22 presentations in total, covering ‘full range’ of funding and business support options)
2 MINUTE WARNING 1 MINUTE WARNING TIMES UP!
PROGRAMME 8.30 - 9.45 - Session 1 - Equity to the fore 9.45 - 10.05 - Break 10.05 - 11.20 - Session 2a - Debt 10.05 - 11.20 - Session 2b - Innovation: funding & business support 11.20 - 11.25 - Comfort break 11.25 - 12.45 - Session 3 - Panel discussion 12.45 – Lunch
www.british-business-bank.co.uk @britishbbank Financing Growth in Cornwall Lloyd Brina Senior Manager – Cornwall & Isles of Scilly UK Network – British Business Bank
www.british-business-bank.co.uk @britishbbank 11 The UK’s economic development bank An independent plc since Nov 2014, UK government is sole shareholder We work with 130 partners, delivering over £12bn of finance to more than 70,000 businesses This helps UK businesses – including those across Cornwall – to thrive and prosper, building economic activity We improve finance markets for smaller businesses, so they work more effectively and dynamically The British Business Bank
www.british-business-bank.co.uk @britishbbank 12 Some of our 100+ partners
www.british-business-bank.co.uk @britishbbank 13 Our objectives INCREASE SUPPLY OF FINANCE to smaller businesses where markets do not work effectively CREATE A MORE DIVERSE MARKET for smaller businesses’ finance with greater choice of options and providers ENCOURAGE AND ENABLE SMEs to seek the finance best suited to their needs MANAGE taxpayers’ resources efficiently within a robust risk management framework IDENTIFY AND HELP REDUCE REGIONAL IMBALANCES IN ACCESS TO FINANCE for smaller businesses across the UK BE THE CENTRE OF EXPERTISE on smaller business finance in the UK, providing advice and support to government 2 new objectives from April 2018
www.british-business-bank.co.uk @britishbbank 14 How we operate Expertise Designing solutions to make finance markets for small businesses work better Money £6.2bn of public funding commitments Start-up funding providers Business angels Asset finance providers High street banks Venture capital providers Debt funds Challenger banks Supply-chain finance providers Peer-to-peer lenders Private sector money Invoice finance / factoring Private sector money
www.british-business-bank.co.uk @britishbbank 15 Research & Publications Market insight and analysis • SME surveys • Finance market surveys • Specific research into market issues • Programme evaluations https://vimeo.com/121444157Watch our video here:
www.british-business-bank.co.uk @britishbbank 16 A new Finance Hub www.british-business-bank.co.uk/finance-hub/ Our Finance Hub has been built to help businesses understand and discover the finance options that could enable them to grow.
www.ciosif.co.uk Our regional funds £400m+ Northern Powerhouse Investment Fund £250m+ Midlands Engine Investment Fund £40m+ Cornwall & Isles of Scilly Investment Fund
www.ciosif.co.uk Addressing Regional Imbalances
www.ciosif.co.uk • CIOSIF is a collaboration between the British Business Bank and the Cornwall & Isles of Scilly Local Enterprise Partnership. • The Cornwall & Isles of Scilly Investment Fund of approximately £40m is brought together by a combination of ERDF, LEP and HMG grant funding, creating a fund which will provide debt and equity for small businesses across the region. • Public procurement undertaken to appoint commercial fund manager to run underlying funds • Fund set up as 10-year limited partnerships with 5- year investment period Financing Cornwall & Isles of Scilly
www.ciosif.co.uk How CIOSIF works: funding available 20 CIOSIF is a single fund able to provide both debt and equity finance. We currently expect this to be in a roughly 1:1 proportion but with flexibility if needed. The manager operates from offices across Cornwall and provides smaller loans in collaboration with a local Responsible Finance Provider.
www.ciosif.co.uk Meet The Fund Manager 21
www.ciosif.co.uk Cornwall & Isles of Scilly impact Source: British Business Bank MI: February 2018 £5m Value of CIOS loans supported by the Start Up Loans programme since 2012 £11.7m Finance to CIOS SMEs currently supported through our national programmes (excludes Start Up Loans) 503 Number of CIOS SMEs currently supported through our national programmes (excludes Start Up Loans) 624 Number of CIOS loans supported by the Start Up Loans programme since 2012
www.ciosif.co.uk Cornwall & Isles of Scilly Impact – Equity 23 • First equity investment was £750,000 - total investments made already over £1.5m • Business Angels investing alongside! • Impressive levels of private sector leverage
www.ciosif.co.uk What next? 24 • Learn More: Ralph Singleton, The FSE Group and Mike Wall, SWIG will be talking in more detail about the fund’s debt and equity products this morning; • Ask: this afternoon we will be running a dedicated CIOSIF session to provide more in depth help and dialogue; • Apply: Start here: www.ciosif.co.uk
No representation, express or implied, is made by British Business Bank plc and its subsidiaries as to the completeness or accuracy of any facts or opinions contained in this presentation and recipients should seek their own independent legal, financial, tax, accounting or regulatory advice before making any decision based on the information contained herein. No part of this presentation should be published, reproduced, distributed or otherwise made available in whole or in part in any jurisdiction where to do so would be unlawful. British Business Bank plc is the holding company of the group operating under the trading name of British Business Bank. It is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (“PRA”) or the Financial Conduct Authority (“FCA”). British Business Bank plc operates under its trading name through a number of subsidiaries, including British Business Financial Services Limited and British Business Finance Limited. None of British Business Bank plc, British Business Finance Limited or British Business Financial Services Limited is authorised or regulated by the PRA or FCA. British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found at www.british-business-bank.co.uk. © British Business Bank plc July 2016 @CIOSIFBBB www.ciosif.co.uk
Angel Network: MyVAN Rob Misselbrook
rob@mylorventures.co.uk 07760 282106
Mark Tyler
Crowdcube today £627,618,140 Invested in pitches 821 Successful raises £742k Average raise size
Steps 1 - 3: Four weeks Steps 4- 7: 30 days Steps 8 - 9: Four weeks Crowdcube process
Points to consider A campaign wins or loses in the preparation 1. Valuation a. Draw reasonable comparisons (crowdcube.com/companies) b. Act on continuous feedback 2. Rewards a. Can be effective in bumping ticket sizes up b. Be creative and play to the strengths of your company 3. Focus a. Understand investor psychology b. Entrepreneur dashboard helps you manage document requests, investor follow-ups, optimise the different channels your using
Raising Equity Finance: What’s the reality? Ralph Singleton Senior Fund Manager
Introduction – The FSE Group SME FUNDING EXPERTS Lending to/Investment in SMEs since 2002 Market-gap / SME funding expertise Origination, Execution & Realisation In-house EXPERIENCED TEAM Strong company analysis skills FSE has >30 professionals: Average 22 years experience Experienced SME lenders and investors STRONG TRACK RECORD c.£60m lent to/invested in 500+ SMEs Average co-investment of 14.5x STRONG GOVERNANCE FCA authorised Well established corporate governance, fund management & investment processes RESPONSIBLE / TRUSTED c.£150m of fund management contracts Stakeholders incl. British Business Bank, LEPs (x8), Corporates, ERDF, EIB, High net worth individuals SOCIALLY RESPONSIBLE CIC status company Dedicated Fund Manager assigned to each company Strong network across the South-East, South-West & East of England
CIoS Investment Fund  Mission: to invest £40million into high growth Cornish businesses in order to enable sustainable economic growth  Supporting ambitious and growing SMEs  Creating jobs across the CIoS region  Promoting new product development and innovation  Leveraging private investment (match funding)  Working with the wider finance community and partners
CIOSIF Equity Investments  Amount: £50,000 – £2million (excluding matched private investment)  Co-finance required  Security: generally none  Arrangement fees, monitoring fees and legal costs apply  Board observer, right to appoint a NED and various consent rights  High growth potential SMEs  Credible business strategy with view of exit  Viable product/service; compelling market opportunity  For activities that deliver substantial growth impact including:  Sales & marketing activity  Hiring new staff  New product development  5 year exit strategy (longer for earlier invs?) KEY FEATURES ELIGIBILITY
What do our deals look like?  Value – Likely to be £100k to £750k initially  Lower stakes – do not seek controlling interests  Like to introduce new expertise  Some revenue (small to £10m) – Early signs of traction as a minimum  Exit – will want to sell our stake (5 - 10 years )  Growth – purpose of funds is to drive revenue growth of £3m+
Why Equity and what we look for…  Early stage businesses where debt funding is not suitable.  Great team – ideally with prior experience and clear strategy to realise vision.  Scalable business model  In a sizeable market and/or niche “addressable” market with early revenue promising but not yet established.  Need for Growth Capital, typically used for product development, key hires and international expansion.  Obvious early identifiable exit route.
… and what is less interesting  A virtual business – that is unproven but looking for cash to get started.  Technology which is difficult to understand (Buffet) - and claims to have no competition  Consultancy businesses that want to become product companies - can often take longer than expected to deliver product and growth  Hobbyist solutions - often have limited commercial growth opportunities (narrow markets)  Over optimistic forecasts (the J curve or hockey stick) - that lead to underperformance during early phase of growth  Excessive valuations - making it difficult to raise equity in subsequent rounds  Pre revenue and excluded ERDF sectors – Most pre revenue investments fail
Exit strategy discussions  Investors won’t come in until the way out is clear.  Want to buy an asset that someone else wants to buy  Good companies with good cash flow will be easier to exit either via buy back or trade sale  The best reason for an exit strategy is to plan how to optimise a good situation – peak of hope!  Clarifying growth trajectory and exit point is key.
Summary - 5 key Criteria for investment 1. Market – growing, desirable, right time & high barriers to entry(IPR, exclusivity, niche) 2. Offering – compelling market proposition & differentiated 3. Business model – viable & scalable 4. Co-finance – is all co-finance in place? 5. Team – risk/reward, capability & composition
Its good to talk  Contact: Ralph Singleton: Email: Ralph.Singleton@thefsegroup.com Tel: 01872 306665
Providing Super Fast Internet Access in Hard to Reach Areas January 2019 Wireless Internet Service Provider ( WISP)
Background • Formed in Jan 2017 by 4 ex Telecoms people • Invested/raised £400k Nov 2017 for POC and initial roll out • Targeting Cornwall's Hard To Reach Areas (HRTA’s) using fixed wireless access. • Market is approx. £100m in Cornwall • Aiming for 12,000 customers - over 3 years • HTRA’s are under-served by existing networks but using our proven technology we reach them effectively and economically
Pre Second Stage Funding • Key to success for funding is research, knowledge and capability • We had 25 years knowledge of Cornwall's issues and knew the connectivity issues across the UK • What made us want to do it for ourselves? – Advancement in technology – Media Convergence – Perceived need – Kids had left home! • Our target was to prove to ourselves/others that it would work! • And then grow the biggest WISP in the country
What funding routes did we consider Rolling quite a large capital infrastructure - we knew it would need more funds than we had access to: • Friends and Family and Immediate Network for initial phase • High Net Worth's and Angel groups • Smaller Fund Managers • Larger Funds • Crowd Equity Funding Complementary – Grants – Bank loans It is essential to run several horses!
The journey to funding • Prepare - again and again – Investor deck, business plan, financials • Work your horses hard • Eventually 1 or 2 become front runners – work them even harder – keep others going • We had CIoSIF/Crowdcube • CloSIF- very professional and straightforward • Crowdcube- not so straightforward and need to “prime the pump” – at least 30% of money target
The journey to funding • Due Diligence to close the deal… • Now it begins • You need experience to get through this- if you don’t have it buy it! • Fees!
Exit • Trade sale year 3-5 to: – Other telecoms providers – Mobile operators – Cloud service providers OR • Refinance and launch consolidation play for UK WISPs
INVESTOR READY - CHOOSING YOUR HORSE Nick Tippett, Associate Director Corporate Finance
 The private equity market  Why equity?  Choosing the right funding partner  Factors to consider  Maximising your chances of investment OVERVIEW
 £32bn invested in the past five years  83% of investments in 2017 to SMEs  325 private equity funds (< 50% of the overall market?)  All with different investment criteria! *BVCA research 2017 THE PRIVATE EQUITY MARKET*
 Its all about risk and reward  In banking terminology – an equity proposition!  Ambitious growth  Lack of security  Lack of track record  More than just the initial money  Drive growth (in the business of growing businesses!)  Mentoring & discipline  Introductions  Further capital WHY EQUITY
Understand your requirements Understand funding options and funders requirements FUNDING OPTIONS
Investor selection Size of investment Sector focus Non- financial attributes Region Investment structure Use of funds EIS and SEIS Size of business CHOOSING YOUR HORSE
 Be prepared for the investment process  The process  Business plan  Financial projections  Housekeeping  Licences / contracts?  IPR ownership in the company?  Books and records in order?  VAT, PAYE/NI  Statutory Accounts/management accounts MAXIMISING CHANCES OF SUCCESS
 Very active market with a high level of funding available  If you are an ambitious business with strong growth potential, equity could provide more than just the money to support you in this  Important to match your and a funders needs  Finding the right funder can be a complicated process – Seek advice!  Be prepared PRIVATE EQUITY - CONCLUSIONS
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How to list your business on the London Stock Exchange June 2019 Claire Dorrian
69 Markets that Support Growth Our Choice of Equity Markets The Group supports businesses at every stage of growth, shining a spotlight on the companies of tomorrow. Funding requirement Friends & Family Start - Up Early Stage Expansion Consolidation & further capital raising Diversification of investors, M&A and International Expansion Concept & seed stage £500k £1m £100k £50k £150m £1bn Private Equity Seed Capital Business Angels Venture Capital Strategic consideration  Routes to growth  Unearthing the most inspiring companies across the globe
70 “We chose ELITE in the belief that it represents an excellent approaching path towards the access to capital markets. By joining ELITE, we can also take advantage of the opportunities this network offers for raising the visibility with institutional investors, including international ones, to support new channels for business growth.” François Bieber Founder and CEO KWANKO – France Luigi Marciano President and CEO Objectway Financial Software – Italy Lars-Michaël Paqvalén Co-founder and CEO Kiosked – Finland Anthony Fletcher CEO Graze – UK Graeme Malcolm CEO M Squared Lasers – UK Stefano Colli Lanzi CEO Gi Group– Italy “It’s a fantastic programme. graze is a business competing on a world stage and the opportunity to utilise the experience and learnings of our contemporaries is invaluable. Through the programme we have gained expertise and confidence allowing us to continue to place technology at the heart of our business and aspire to build a world class operation.” “ELITE gives us the access to an ecosystem of high-quality growth pan-European companies. The programme allows us to better address the key steps of the change of scale of a high-growth company and the opportunity to utilise the experience of our contemporaries. It is invaluable and it saves us precious time.” “The programme has increased our awareness of different forms of funding and what needs to be done to prepare for each. It allows us to think about how we can keep scaling up.” “The challenges that an entrepreneur and organisation will meet in the course of its growth journey are multiple but with ELITE's network of advisors, tools and support they can be tackled face on. I am looking forward to Kiosked's ELITE journey and the learnings it will provide us.” “We’re interested in the ELITE Growth learning path to increase our visibility (amongst the financial community), and explore other avenues leading to our Group’s growth. We’re also excited to share our experiences with peers and learn best practices from them.” ELITE Helping fast-growing private companies prepare and structure for further growth
7171 Benefits of Joining AIM Access the world’s most successful growth market - Diverse & deep pool of capital - Strong support from institutions - Funding for acquisitions & expansion to new markets Access to growth capital - Nominated advisers - Accountants - Lawyers - Banks/Brokers - Analysts - Financial PR / IR - Media Unique support network specialised in SME - Visibility - Bargaining power with customers & supplier - Access to incremental research coverage - Marketability of stock - Global peer group Established ecosystem supporting liquidity - Disclosure requirements tailored to growing companies - Based on EU FSAP Directives & UK Prescribed Market Regime - Local & International investor confidence in regulatory framework Dedicated regulatory approach
72 146 115 307 129 167 26 13 0 50 100 150 200 250 300 350 0 5 10 15 20 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 MoneyRaised(£bn) New Further Source: LSE statistics – April 2019 A Snapshot of AIM £113 billion raised since launch 903 companies, aggregate value of £98bn (135 Int’l companies) Profile of AIM Companies Admissions to AIM - 1995 to 2019 YTD Industries represented (by no. companies)Fundraisings on AIM – 1995 to 2018 YTD Since 1995 c. £113bn raised in total (£68bn through further issues) 0 100 200 300 400 500 600 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 UK International 118 53 100 153 88 156 100 117 7 11 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities
73 Comparing AIM and Main Market Source: LSE, Dealogic, February 2019 Number of issuers by market cap band Top 10 Institutional Investors AIM Rank Institutional investor (parent level) Market cap held ($bn) 1 Canaccord Genuity Group, Inc. 3.2 2 Invesco Ltd. 2.9 3 Standard Life Aberdeen Plc 2.1 4 Merian Global Investors (UK) Ltd. 2.0 5 Liontrust Asset Management Plc 1.9 6 Woodford Investment Management Ltd. 1.8 7 Hargreaves Lansdown Plc 1.7 8 BlackRock, Inc. 1.7 9 Octopus Capital Ltd. 1.6 10 Schroders Plc 1.5 Main Market Rank Institutional investor (parent level) Market cap held ($bn) 1 BlackRock, Inc. 185 2 The Vanguard Group, Inc. 91 3 The Capital Group Cos., Inc. 88 4 Standard Life Aberdeen Plc 87 5 Legal & General Group Plc 64 6 Government of Norway 62 7 State Street Corp. 58 8 Invesco Ltd. 46 9 Schroders Plc 38 10 M&G Group Ltd. 32 153 106 318 133 170 32 10 58 23 91 95 341 150 229 62 75 0 50 100 150 200 250 300 350 400 £0-5m £5-10m £10-50m £50-100m £100-500m £500m-£1bn £1-5bn £5-10bn £10bn+ AIM Main Market
74 Case Study Company name Loungers Plc LSE market AIM FTSE ICB sector Travel & Leisure Main country of operation UK Admission date 29 April 2019 Money raised at admission £83.3 million Market cap at admission £185 million Current market cap £201.2 million Nomad & Advisor/Brokers GCA Corp/Peel Hunt,Liberum EV/EBITDA 25.1x “I am delighted to announce our intention to list on AIM. It has long been the ambition of the founders and myself that Loungers becomes a listed entity. The listing will allow us to broaden the employee shareholder base and provide us with an appropriate capital structure to pursue our future growth ambitions.” Nick Collins, CEO Listing Story Established in 2002, Loungers is an award-winning, all day neighbourhood café-bar and dining business. Led by CEO, Nick Collins the diner is backed by Lion Capital Private Equity. Having plans to open 25 new sites in 2019, while contracts for further 13 sites have been exchanged and 35 sites in legal documentation, Nick along with Lion Capital decided to go ahead with the long awaited listing to finance its future growth plans. Loungers On 29th April, 2019 Loungers was successfully admitted to London’s AIM market. *The placing of £83.3m was split £61.6m primary and £21.7m for secondary sellers, Lion Capital and the management and founders. Against a difficult stock market backdrop, Loungers was the largest AIM IPO in 2019 YTD and the largest AIM IPO in the leisure and dining space in the past 5 years.* Source: LSE, company website, Dealogic, FactSet, May 2019 *Liberum Largest AIM IPO in the leisure & dining space in the last 5 years* 63.8 38.6 0 10 20 30 40 50 60 70 % Stake pre-IPO % Stake post-IPO Selling Shareholder - Lion Capital
75 Case Study Company Name Fevertree Drinks Plc LSE Market AIM FTSE ICB Sector Beverages Main Country of Operation UK Admission Date 7 November 2014 Money Raised at Admission £93.3 million Market Cap at admission £154.3 million Current Market Cap £3.5 billion Nomad & Broker Investec EV/EBITDA 44.7x “We are delighted to announce that our IPO has been successfully received after experiencing strong demand despite the difficult market conditions. We believe today’s listing will enhance the Company’s exciting international growth opportunities. We very much look forward to building on our market-leading position as a quoted company.” Tim Warrillow, CEO Source: Company website, LSE, Dealogic, FactSet, May 2019 Price performance rebased to 100 as at date of IPO Fevertree Drinks 53.1 10.4 0 10 20 30 40 50 60 % Stake pre-IPO % Stake post-IPO Selling Shareholder Listing Story Fevertree a world leading supplier of premium carbonated mixers for spirits by retail sales value, distributing to approx. 50 countries The UK based brand, launched in 2005, generated EBITDA (before exceptional items) of £4.3m on net revenue of £14.9m in H1 2014 Fevertree raised £93m in November 2014 which valued the company then at £154m. 69.95m shares were sold at £1.34 each and the offering was led solely by Investec. The entire offering was covered by UK long-only funds and completed successfully despite high market volatility at the time In May 2017, the company raised £73m in a follow on offering to allow a co-founder to exit his position. The Aim-listed company has piggybacked on the growing popularity of premium spirits, particularly gin, helping it to become the top mixer brand in shops last year. It also raised additional capital of £82.5m and £103.5m in 2018 on 23rd March and 07th August respectively.
Claire Dorrian Head of London & Southern Region, UK Primary Markets London Stock Exchange Plc +44 20 7797 2074 CDorrian@lseg.com
77 This document has been compiled by the London Stock Exchange plc (the “Exchange”). The Exchange has attempted to ensure that the information in this document is accurate, however the information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. The Exchange does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the information in it. The Exchange is not responsible for any third party content which is set out in this document. No responsibility is accepted by or on behalf of the Exchange for any errors, omissions, or inaccurate information in the document. No action should be taken or omitted to be taken in reliance upon information in this document. The Exchange accepts no liability for the results of any action taken on the basis of the information in this document. All implied warranties, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security and accuracy are excluded by the Exchange to the extent that they may be excluded as a matter of law. Further, the Exchange does not warrant that the document is error free or that any defects will be corrected. To the extent permitted by applicable law, the Exchange expressly disclaims all liability howsoever arising whether in contract, tort (or deceit) or otherwise (including, but not limited to, liability for any negligent act or omissions) to any person in respect of any claims or losses of any nature, arising directly or indirectly from: (i) anything done or the consequences of anything done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of this document, and (ii) the use of any data or materials in this document. Information in this document is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. In particular information in the document does not constitute professional, financial or investment advice and must not be used as a basis for making investment decisions and is in no way intended, directly or indirectly, as an attempt to market or sell any type of financial instrument. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances. The contents of this document do not constitute an invitation to invest in shares of the Exchange, or constitute or form a part of any offer for the sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of it form the basis of, or be relied upon in any connection with contract or commitment whatsoever. London Stock Exchange and the London Stock Exchange coat of arms device are registered trade marks of the Exchange. Other logos, organisations and company names referred to may be the trade marks of their respective owners. No part of these trademarks, or any other trademark owned by the Exchange can be used, reproduced or transmitted in any form without express written consent by the owner of the trademark. © 2019 London Stock Exchange plc 10 Paternoster Square London EC4M 7LS Telephone +44 (0)20 7797 1000 www.lseg.com Legal Disclaimer
WHAT’S NEXT? Richard Wadman, Corporate Finance Director
PROGRAMME  9.45 - 10.05 - Break (Coffee and decision time)  10.05 - 11.20 - Session 2a – Debt  10.05 - 11.20 - Session 2b – Innovation: funding & business support 11.20 - 11.25 - Comfort break 11.25 - 12.45 - Session 3 - Panel discussion 12.45 – Lunch
BREAK
© copyright PKF Francis Clark, 2019 You shall not copy, make available, retransmit, reproduce, sell, disseminate, separate, licence, distribute, store electronically, publish, broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and / or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licence. To the maximum extent permitted by applicable law PKF Francis Clark excludes all representations, warranties and conditions (including, without limitation, the conditions implied by law) in respect of these materials and /or any services provided by PKF Francis Clark. These materials and /or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark. The content of these materials and / or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and / or any services provided by PKF Francis Clark are correct, we do not warrant the completeness or accuracy of the materials and /or any services provided by PKF Francis Clark; nor do we commit to ensuring that these materials and / or any services provided by PKF Francis Clark are up-to-date or error or omission-free. Where indicated, these materials are subject to Crown copyright protection. Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and Wales. These materials and / or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time, a copy of which is available on request. Our liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct, indirect or consequential loss or damage arising in connection with these materials and / or any services provided by PKF Francis Clark, whether arising in tort, contract, or otherwise, including, without limitation, any loss of profit, contracts, business, goodwill, data, income or revenue. Please note however, that our liability for fraud, for death or personal injury caused by our negligence, or for any other liability is not excluded or limited. PKF Francis Clark is a trading name of Francis Clark LLP. Francis Clark LLP is a limited liability partnership, registered in England and Wales with registered number OC349116. The registered office is Sigma House, Oak View Close, Edginswell Park, Torquay TQ2 7FF where a list of members is available for inspection and at www.pkf-francisclark.co.uk. The term ‘Partner’ is used to refer to a member of Francis Clark LLP or to an employee. Registered to carry on audit work in the UK and Ireland, regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales. Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales. A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability. Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.
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Finance in Cornwall 2019 - Session 1

  • 1.
  • 2.
  • 3.
    HOUSEKEEPING TWITTER @pkfFrancisClark #FCFinanceinCornwall19 Network ID- Lighthouse Cinema Guest Wi-Fi SLIDES www.slideshare.net/FrancisClarkLLP
  • 4.
    “MAY YOU LIVEIN INTERESTING TIMES” UK BUSINESS FINANCE… “£10BN FUNDING GAP FACING SMALL BUSINESSES” “<20% SMES ARE AWARE OF HOW TO ACCESS PEER-TO- PEER FINANCE” “70% OF BUSINESSES DON’T KNOW HOW TO APPROACH VENTURE CAPITAL OR PRIVATE EQUITY INVESTORS” “16% BUSINESSES ARE CONFIDENT IN APPLYING FOR R&D TAX CREDITS” “19% KNOW HOW TO APPLY FOR GRANT FUNDING, AND SAME % ARE CONFIDENT IN USING THEIR ASSETS TO RAISE LOAN CAPITAL” “45% ARE CONFIDENT ABOUT ACCESSING EQUITY FROM ANGEL INVESTORS”
  • 5.
    FUNDING OPTIONS: TYPES EquityDebt Grants Crowdfunding/ P2P
  • 6.
    FUNDING OPTIONS: CHOICE •Appropriate • Tailored • Competitive
  • 7.
    PRESENTERS And more…(22 presentationsin total, covering ‘full range’ of funding and business support options)
  • 8.
    2 MINUTE WARNING 1MINUTE WARNING TIMES UP!
  • 9.
    PROGRAMME 8.30 - 9.45- Session 1 - Equity to the fore 9.45 - 10.05 - Break 10.05 - 11.20 - Session 2a - Debt 10.05 - 11.20 - Session 2b - Innovation: funding & business support 11.20 - 11.25 - Comfort break 11.25 - 12.45 - Session 3 - Panel discussion 12.45 – Lunch
  • 10.
    www.british-business-bank.co.uk @britishbbank Financing Growth inCornwall Lloyd Brina Senior Manager – Cornwall & Isles of Scilly UK Network – British Business Bank
  • 11.
    www.british-business-bank.co.uk @britishbbank 11 The UK’s economicdevelopment bank An independent plc since Nov 2014, UK government is sole shareholder We work with 130 partners, delivering over £12bn of finance to more than 70,000 businesses This helps UK businesses – including those across Cornwall – to thrive and prosper, building economic activity We improve finance markets for smaller businesses, so they work more effectively and dynamically The British Business Bank
  • 12.
  • 13.
    www.british-business-bank.co.uk @britishbbank 13 Our objectives INCREASE SUPPLY OFFINANCE to smaller businesses where markets do not work effectively CREATE A MORE DIVERSE MARKET for smaller businesses’ finance with greater choice of options and providers ENCOURAGE AND ENABLE SMEs to seek the finance best suited to their needs MANAGE taxpayers’ resources efficiently within a robust risk management framework IDENTIFY AND HELP REDUCE REGIONAL IMBALANCES IN ACCESS TO FINANCE for smaller businesses across the UK BE THE CENTRE OF EXPERTISE on smaller business finance in the UK, providing advice and support to government 2 new objectives from April 2018
  • 14.
    www.british-business-bank.co.uk @britishbbank 14 How we operate Expertise Designingsolutions to make finance markets for small businesses work better Money £6.2bn of public funding commitments Start-up funding providers Business angels Asset finance providers High street banks Venture capital providers Debt funds Challenger banks Supply-chain finance providers Peer-to-peer lenders Private sector money Invoice finance / factoring Private sector money
  • 15.
    www.british-business-bank.co.uk @britishbbank 15 Research & Publications Marketinsight and analysis • SME surveys • Finance market surveys • Specific research into market issues • Programme evaluations https://vimeo.com/121444157Watch our video here:
  • 16.
    www.british-business-bank.co.uk @britishbbank 16 A new FinanceHub www.british-business-bank.co.uk/finance-hub/ Our Finance Hub has been built to help businesses understand and discover the finance options that could enable them to grow.
  • 17.
    www.ciosif.co.uk Our regional funds £400m+Northern Powerhouse Investment Fund £250m+ Midlands Engine Investment Fund £40m+ Cornwall & Isles of Scilly Investment Fund
  • 18.
  • 19.
    www.ciosif.co.uk • CIOSIF isa collaboration between the British Business Bank and the Cornwall & Isles of Scilly Local Enterprise Partnership. • The Cornwall & Isles of Scilly Investment Fund of approximately £40m is brought together by a combination of ERDF, LEP and HMG grant funding, creating a fund which will provide debt and equity for small businesses across the region. • Public procurement undertaken to appoint commercial fund manager to run underlying funds • Fund set up as 10-year limited partnerships with 5- year investment period Financing Cornwall & Isles of Scilly
  • 20.
    www.ciosif.co.uk How CIOSIF works:funding available 20 CIOSIF is a single fund able to provide both debt and equity finance. We currently expect this to be in a roughly 1:1 proportion but with flexibility if needed. The manager operates from offices across Cornwall and provides smaller loans in collaboration with a local Responsible Finance Provider.
  • 21.
  • 22.
    www.ciosif.co.uk Cornwall & Islesof Scilly impact Source: British Business Bank MI: February 2018 £5m Value of CIOS loans supported by the Start Up Loans programme since 2012 £11.7m Finance to CIOS SMEs currently supported through our national programmes (excludes Start Up Loans) 503 Number of CIOS SMEs currently supported through our national programmes (excludes Start Up Loans) 624 Number of CIOS loans supported by the Start Up Loans programme since 2012
  • 23.
    www.ciosif.co.uk Cornwall & Islesof Scilly Impact – Equity 23 • First equity investment was £750,000 - total investments made already over £1.5m • Business Angels investing alongside! • Impressive levels of private sector leverage
  • 24.
    www.ciosif.co.uk What next? 24 • LearnMore: Ralph Singleton, The FSE Group and Mike Wall, SWIG will be talking in more detail about the fund’s debt and equity products this morning; • Ask: this afternoon we will be running a dedicated CIOSIF session to provide more in depth help and dialogue; • Apply: Start here: www.ciosif.co.uk
  • 25.
    No representation, expressor implied, is made by British Business Bank plc and its subsidiaries as to the completeness or accuracy of any facts or opinions contained in this presentation and recipients should seek their own independent legal, financial, tax, accounting or regulatory advice before making any decision based on the information contained herein. No part of this presentation should be published, reproduced, distributed or otherwise made available in whole or in part in any jurisdiction where to do so would be unlawful. British Business Bank plc is the holding company of the group operating under the trading name of British Business Bank. It is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (“PRA”) or the Financial Conduct Authority (“FCA”). British Business Bank plc operates under its trading name through a number of subsidiaries, including British Business Financial Services Limited and British Business Finance Limited. None of British Business Bank plc, British Business Finance Limited or British Business Financial Services Limited is authorised or regulated by the PRA or FCA. British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found at www.british-business-bank.co.uk. © British Business Bank plc July 2016 @CIOSIFBBB www.ciosif.co.uk
  • 26.
  • 27.
  • 28.
  • 30.
    Crowdcube today £627,618,140 Invested inpitches 821 Successful raises £742k Average raise size
  • 35.
    Steps 1 -3: Four weeks Steps 4- 7: 30 days Steps 8 - 9: Four weeks Crowdcube process
  • 36.
    Points to consider Acampaign wins or loses in the preparation 1. Valuation a. Draw reasonable comparisons (crowdcube.com/companies) b. Act on continuous feedback 2. Rewards a. Can be effective in bumping ticket sizes up b. Be creative and play to the strengths of your company 3. Focus a. Understand investor psychology b. Entrepreneur dashboard helps you manage document requests, investor follow-ups, optimise the different channels your using
  • 38.
    Raising Equity Finance: What’sthe reality? Ralph Singleton Senior Fund Manager
  • 39.
    Introduction – TheFSE Group SME FUNDING EXPERTS Lending to/Investment in SMEs since 2002 Market-gap / SME funding expertise Origination, Execution & Realisation In-house EXPERIENCED TEAM Strong company analysis skills FSE has >30 professionals: Average 22 years experience Experienced SME lenders and investors STRONG TRACK RECORD c.£60m lent to/invested in 500+ SMEs Average co-investment of 14.5x STRONG GOVERNANCE FCA authorised Well established corporate governance, fund management & investment processes RESPONSIBLE / TRUSTED c.£150m of fund management contracts Stakeholders incl. British Business Bank, LEPs (x8), Corporates, ERDF, EIB, High net worth individuals SOCIALLY RESPONSIBLE CIC status company Dedicated Fund Manager assigned to each company Strong network across the South-East, South-West & East of England
  • 40.
    CIoS Investment Fund Mission: to invest £40million into high growth Cornish businesses in order to enable sustainable economic growth  Supporting ambitious and growing SMEs  Creating jobs across the CIoS region  Promoting new product development and innovation  Leveraging private investment (match funding)  Working with the wider finance community and partners
  • 41.
    CIOSIF Equity Investments Amount: £50,000 – £2million (excluding matched private investment)  Co-finance required  Security: generally none  Arrangement fees, monitoring fees and legal costs apply  Board observer, right to appoint a NED and various consent rights  High growth potential SMEs  Credible business strategy with view of exit  Viable product/service; compelling market opportunity  For activities that deliver substantial growth impact including:  Sales & marketing activity  Hiring new staff  New product development  5 year exit strategy (longer for earlier invs?) KEY FEATURES ELIGIBILITY
  • 42.
    What do ourdeals look like?  Value – Likely to be £100k to £750k initially  Lower stakes – do not seek controlling interests  Like to introduce new expertise  Some revenue (small to £10m) – Early signs of traction as a minimum  Exit – will want to sell our stake (5 - 10 years )  Growth – purpose of funds is to drive revenue growth of £3m+
  • 43.
    Why Equity andwhat we look for…  Early stage businesses where debt funding is not suitable.  Great team – ideally with prior experience and clear strategy to realise vision.  Scalable business model  In a sizeable market and/or niche “addressable” market with early revenue promising but not yet established.  Need for Growth Capital, typically used for product development, key hires and international expansion.  Obvious early identifiable exit route.
  • 44.
    … and whatis less interesting  A virtual business – that is unproven but looking for cash to get started.  Technology which is difficult to understand (Buffet) - and claims to have no competition  Consultancy businesses that want to become product companies - can often take longer than expected to deliver product and growth  Hobbyist solutions - often have limited commercial growth opportunities (narrow markets)  Over optimistic forecasts (the J curve or hockey stick) - that lead to underperformance during early phase of growth  Excessive valuations - making it difficult to raise equity in subsequent rounds  Pre revenue and excluded ERDF sectors – Most pre revenue investments fail
  • 45.
    Exit strategy discussions Investors won’t come in until the way out is clear.  Want to buy an asset that someone else wants to buy  Good companies with good cash flow will be easier to exit either via buy back or trade sale  The best reason for an exit strategy is to plan how to optimise a good situation – peak of hope!  Clarifying growth trajectory and exit point is key.
  • 46.
    Summary - 5key Criteria for investment 1. Market – growing, desirable, right time & high barriers to entry(IPR, exclusivity, niche) 2. Offering – compelling market proposition & differentiated 3. Business model – viable & scalable 4. Co-finance – is all co-finance in place? 5. Team – risk/reward, capability & composition
  • 47.
    Its good totalk  Contact: Ralph Singleton: Email: Ralph.Singleton@thefsegroup.com Tel: 01872 306665
  • 48.
    Providing Super FastInternet Access in Hard to Reach Areas January 2019 Wireless Internet Service Provider ( WISP)
  • 49.
    Background • Formed inJan 2017 by 4 ex Telecoms people • Invested/raised £400k Nov 2017 for POC and initial roll out • Targeting Cornwall's Hard To Reach Areas (HRTA’s) using fixed wireless access. • Market is approx. £100m in Cornwall • Aiming for 12,000 customers - over 3 years • HTRA’s are under-served by existing networks but using our proven technology we reach them effectively and economically
  • 50.
    Pre Second StageFunding • Key to success for funding is research, knowledge and capability • We had 25 years knowledge of Cornwall's issues and knew the connectivity issues across the UK • What made us want to do it for ourselves? – Advancement in technology – Media Convergence – Perceived need – Kids had left home! • Our target was to prove to ourselves/others that it would work! • And then grow the biggest WISP in the country
  • 51.
    What funding routesdid we consider Rolling quite a large capital infrastructure - we knew it would need more funds than we had access to: • Friends and Family and Immediate Network for initial phase • High Net Worth's and Angel groups • Smaller Fund Managers • Larger Funds • Crowd Equity Funding Complementary – Grants – Bank loans It is essential to run several horses!
  • 52.
    The journey tofunding • Prepare - again and again – Investor deck, business plan, financials • Work your horses hard • Eventually 1 or 2 become front runners – work them even harder – keep others going • We had CIoSIF/Crowdcube • CloSIF- very professional and straightforward • Crowdcube- not so straightforward and need to “prime the pump” – at least 30% of money target
  • 53.
    The journey tofunding • Due Diligence to close the deal… • Now it begins • You need experience to get through this- if you don’t have it buy it! • Fees!
  • 54.
    Exit • Trade saleyear 3-5 to: – Other telecoms providers – Mobile operators – Cloud service providers OR • Refinance and launch consolidation play for UK WISPs
  • 56.
    INVESTOR READY - CHOOSINGYOUR HORSE Nick Tippett, Associate Director Corporate Finance
  • 57.
     The privateequity market  Why equity?  Choosing the right funding partner  Factors to consider  Maximising your chances of investment OVERVIEW
  • 58.
     £32bn investedin the past five years  83% of investments in 2017 to SMEs  325 private equity funds (< 50% of the overall market?)  All with different investment criteria! *BVCA research 2017 THE PRIVATE EQUITY MARKET*
  • 59.
     Its allabout risk and reward  In banking terminology – an equity proposition!  Ambitious growth  Lack of security  Lack of track record  More than just the initial money  Drive growth (in the business of growing businesses!)  Mentoring & discipline  Introductions  Further capital WHY EQUITY
  • 60.
  • 61.
  • 62.
     Be preparedfor the investment process  The process  Business plan  Financial projections  Housekeeping  Licences / contracts?  IPR ownership in the company?  Books and records in order?  VAT, PAYE/NI  Statutory Accounts/management accounts MAXIMISING CHANCES OF SUCCESS
  • 63.
     Very activemarket with a high level of funding available  If you are an ambitious business with strong growth potential, equity could provide more than just the money to support you in this  Important to match your and a funders needs  Finding the right funder can be a complicated process – Seek advice!  Be prepared PRIVATE EQUITY - CONCLUSIONS
  • 64.
    © copyright PKFFrancis Clark, 2019 You shall not copy, make available, retransmit, reproduce, sell, disseminate, separate, licence, distribute, store electronically, publish, broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and / or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licence. To the maximum extent permitted by applicable law PKF Francis Clark excludes all representations, warranties and conditions (including, without limitation, the conditions implied by law) in respect of these materials and /or any services provided by PKF Francis Clark. These materials and /or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark. The content of these materials and / or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and / or any services provided by PKF Francis Clark are correct, we do not warrant the completeness or accuracy of the materials and /or any services provided by PKF Francis Clark; nor do we commit to ensuring that these materials and / or any services provided by PKF Francis Clark are up-to-date or error or omission-free. Where indicated, these materials are subject to Crown copyright protection. Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and Wales. These materials and / or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time, a copy of which is available on request. Our liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct, indirect or consequential loss or damage arising in connection with these materials and / or any services provided by PKF Francis Clark, whether arising in tort, contract, or otherwise, including, without limitation, any loss of profit, contracts, business, goodwill, data, income or revenue. Please note however, that our liability for fraud, for death or personal injury caused by our negligence, or for any other liability is not excluded or limited. PKF Francis Clark is a trading name of Francis Clark LLP. Francis Clark LLP is a limited liability partnership, registered in England and Wales with registered number OC349116. The registered office is Sigma House, Oak View Close, Edginswell Park, Torquay TQ2 7FF where a list of members is available for inspection and at www.pkf-francisclark.co.uk. The term ‘Partner’ is used to refer to a member of Francis Clark LLP or to an employee. Registered to carry on audit work in the UK and Ireland, regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales. Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales. A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability. Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.
  • 65.
    How to listyour business on the London Stock Exchange June 2019 Claire Dorrian
  • 66.
    69 Markets that SupportGrowth Our Choice of Equity Markets The Group supports businesses at every stage of growth, shining a spotlight on the companies of tomorrow. Funding requirement Friends & Family Start - Up Early Stage Expansion Consolidation & further capital raising Diversification of investors, M&A and International Expansion Concept & seed stage £500k £1m £100k £50k £150m £1bn Private Equity Seed Capital Business Angels Venture Capital Strategic consideration  Routes to growth  Unearthing the most inspiring companies across the globe
  • 67.
    70 “We chose ELITEin the belief that it represents an excellent approaching path towards the access to capital markets. By joining ELITE, we can also take advantage of the opportunities this network offers for raising the visibility with institutional investors, including international ones, to support new channels for business growth.” François Bieber Founder and CEO KWANKO – France Luigi Marciano President and CEO Objectway Financial Software – Italy Lars-Michaël Paqvalén Co-founder and CEO Kiosked – Finland Anthony Fletcher CEO Graze – UK Graeme Malcolm CEO M Squared Lasers – UK Stefano Colli Lanzi CEO Gi Group– Italy “It’s a fantastic programme. graze is a business competing on a world stage and the opportunity to utilise the experience and learnings of our contemporaries is invaluable. Through the programme we have gained expertise and confidence allowing us to continue to place technology at the heart of our business and aspire to build a world class operation.” “ELITE gives us the access to an ecosystem of high-quality growth pan-European companies. The programme allows us to better address the key steps of the change of scale of a high-growth company and the opportunity to utilise the experience of our contemporaries. It is invaluable and it saves us precious time.” “The programme has increased our awareness of different forms of funding and what needs to be done to prepare for each. It allows us to think about how we can keep scaling up.” “The challenges that an entrepreneur and organisation will meet in the course of its growth journey are multiple but with ELITE's network of advisors, tools and support they can be tackled face on. I am looking forward to Kiosked's ELITE journey and the learnings it will provide us.” “We’re interested in the ELITE Growth learning path to increase our visibility (amongst the financial community), and explore other avenues leading to our Group’s growth. We’re also excited to share our experiences with peers and learn best practices from them.” ELITE Helping fast-growing private companies prepare and structure for further growth
  • 68.
    7171 Benefits of JoiningAIM Access the world’s most successful growth market - Diverse & deep pool of capital - Strong support from institutions - Funding for acquisitions & expansion to new markets Access to growth capital - Nominated advisers - Accountants - Lawyers - Banks/Brokers - Analysts - Financial PR / IR - Media Unique support network specialised in SME - Visibility - Bargaining power with customers & supplier - Access to incremental research coverage - Marketability of stock - Global peer group Established ecosystem supporting liquidity - Disclosure requirements tailored to growing companies - Based on EU FSAP Directives & UK Prescribed Market Regime - Local & International investor confidence in regulatory framework Dedicated regulatory approach
  • 69.
    72 146 115 307 129 167 26 13 0 50 100 150 200 250 300 350 0 5 10 15 20 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 MoneyRaised(£bn) New Further Source:LSE statistics – April 2019 A Snapshot of AIM £113 billion raised since launch 903 companies, aggregate value of £98bn (135 Int’l companies) Profile of AIM Companies Admissions to AIM - 1995 to 2019 YTD Industries represented (by no. companies)Fundraisings on AIM – 1995 to 2018 YTD Since 1995 c. £113bn raised in total (£68bn through further issues) 0 100 200 300 400 500 600 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 UK International 118 53 100 153 88 156 100 117 7 11 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities
  • 70.
    73 Comparing AIM andMain Market Source: LSE, Dealogic, February 2019 Number of issuers by market cap band Top 10 Institutional Investors AIM Rank Institutional investor (parent level) Market cap held ($bn) 1 Canaccord Genuity Group, Inc. 3.2 2 Invesco Ltd. 2.9 3 Standard Life Aberdeen Plc 2.1 4 Merian Global Investors (UK) Ltd. 2.0 5 Liontrust Asset Management Plc 1.9 6 Woodford Investment Management Ltd. 1.8 7 Hargreaves Lansdown Plc 1.7 8 BlackRock, Inc. 1.7 9 Octopus Capital Ltd. 1.6 10 Schroders Plc 1.5 Main Market Rank Institutional investor (parent level) Market cap held ($bn) 1 BlackRock, Inc. 185 2 The Vanguard Group, Inc. 91 3 The Capital Group Cos., Inc. 88 4 Standard Life Aberdeen Plc 87 5 Legal & General Group Plc 64 6 Government of Norway 62 7 State Street Corp. 58 8 Invesco Ltd. 46 9 Schroders Plc 38 10 M&G Group Ltd. 32 153 106 318 133 170 32 10 58 23 91 95 341 150 229 62 75 0 50 100 150 200 250 300 350 400 £0-5m £5-10m £10-50m £50-100m £100-500m £500m-£1bn £1-5bn £5-10bn £10bn+ AIM Main Market
  • 71.
    74 Case Study Company nameLoungers Plc LSE market AIM FTSE ICB sector Travel & Leisure Main country of operation UK Admission date 29 April 2019 Money raised at admission £83.3 million Market cap at admission £185 million Current market cap £201.2 million Nomad & Advisor/Brokers GCA Corp/Peel Hunt,Liberum EV/EBITDA 25.1x “I am delighted to announce our intention to list on AIM. It has long been the ambition of the founders and myself that Loungers becomes a listed entity. The listing will allow us to broaden the employee shareholder base and provide us with an appropriate capital structure to pursue our future growth ambitions.” Nick Collins, CEO Listing Story Established in 2002, Loungers is an award-winning, all day neighbourhood café-bar and dining business. Led by CEO, Nick Collins the diner is backed by Lion Capital Private Equity. Having plans to open 25 new sites in 2019, while contracts for further 13 sites have been exchanged and 35 sites in legal documentation, Nick along with Lion Capital decided to go ahead with the long awaited listing to finance its future growth plans. Loungers On 29th April, 2019 Loungers was successfully admitted to London’s AIM market. *The placing of £83.3m was split £61.6m primary and £21.7m for secondary sellers, Lion Capital and the management and founders. Against a difficult stock market backdrop, Loungers was the largest AIM IPO in 2019 YTD and the largest AIM IPO in the leisure and dining space in the past 5 years.* Source: LSE, company website, Dealogic, FactSet, May 2019 *Liberum Largest AIM IPO in the leisure & dining space in the last 5 years* 63.8 38.6 0 10 20 30 40 50 60 70 % Stake pre-IPO % Stake post-IPO Selling Shareholder - Lion Capital
  • 72.
    75 Case Study Company NameFevertree Drinks Plc LSE Market AIM FTSE ICB Sector Beverages Main Country of Operation UK Admission Date 7 November 2014 Money Raised at Admission £93.3 million Market Cap at admission £154.3 million Current Market Cap £3.5 billion Nomad & Broker Investec EV/EBITDA 44.7x “We are delighted to announce that our IPO has been successfully received after experiencing strong demand despite the difficult market conditions. We believe today’s listing will enhance the Company’s exciting international growth opportunities. We very much look forward to building on our market-leading position as a quoted company.” Tim Warrillow, CEO Source: Company website, LSE, Dealogic, FactSet, May 2019 Price performance rebased to 100 as at date of IPO Fevertree Drinks 53.1 10.4 0 10 20 30 40 50 60 % Stake pre-IPO % Stake post-IPO Selling Shareholder Listing Story Fevertree a world leading supplier of premium carbonated mixers for spirits by retail sales value, distributing to approx. 50 countries The UK based brand, launched in 2005, generated EBITDA (before exceptional items) of £4.3m on net revenue of £14.9m in H1 2014 Fevertree raised £93m in November 2014 which valued the company then at £154m. 69.95m shares were sold at £1.34 each and the offering was led solely by Investec. The entire offering was covered by UK long-only funds and completed successfully despite high market volatility at the time In May 2017, the company raised £73m in a follow on offering to allow a co-founder to exit his position. The Aim-listed company has piggybacked on the growing popularity of premium spirits, particularly gin, helping it to become the top mixer brand in shops last year. It also raised additional capital of £82.5m and £103.5m in 2018 on 23rd March and 07th August respectively.
  • 73.
    Claire Dorrian Head ofLondon & Southern Region, UK Primary Markets London Stock Exchange Plc +44 20 7797 2074 CDorrian@lseg.com
  • 74.
    77 This document hasbeen compiled by the London Stock Exchange plc (the “Exchange”). The Exchange has attempted to ensure that the information in this document is accurate, however the information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. The Exchange does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the information in it. The Exchange is not responsible for any third party content which is set out in this document. No responsibility is accepted by or on behalf of the Exchange for any errors, omissions, or inaccurate information in the document. No action should be taken or omitted to be taken in reliance upon information in this document. The Exchange accepts no liability for the results of any action taken on the basis of the information in this document. All implied warranties, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security and accuracy are excluded by the Exchange to the extent that they may be excluded as a matter of law. Further, the Exchange does not warrant that the document is error free or that any defects will be corrected. To the extent permitted by applicable law, the Exchange expressly disclaims all liability howsoever arising whether in contract, tort (or deceit) or otherwise (including, but not limited to, liability for any negligent act or omissions) to any person in respect of any claims or losses of any nature, arising directly or indirectly from: (i) anything done or the consequences of anything done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of this document, and (ii) the use of any data or materials in this document. Information in this document is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. In particular information in the document does not constitute professional, financial or investment advice and must not be used as a basis for making investment decisions and is in no way intended, directly or indirectly, as an attempt to market or sell any type of financial instrument. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances. The contents of this document do not constitute an invitation to invest in shares of the Exchange, or constitute or form a part of any offer for the sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of it form the basis of, or be relied upon in any connection with contract or commitment whatsoever. London Stock Exchange and the London Stock Exchange coat of arms device are registered trade marks of the Exchange. Other logos, organisations and company names referred to may be the trade marks of their respective owners. No part of these trademarks, or any other trademark owned by the Exchange can be used, reproduced or transmitted in any form without express written consent by the owner of the trademark. © 2019 London Stock Exchange plc 10 Paternoster Square London EC4M 7LS Telephone +44 (0)20 7797 1000 www.lseg.com Legal Disclaimer
  • 75.
    WHAT’S NEXT? Richard Wadman,Corporate Finance Director
  • 76.
    PROGRAMME  9.45 -10.05 - Break (Coffee and decision time)  10.05 - 11.20 - Session 2a – Debt  10.05 - 11.20 - Session 2b – Innovation: funding & business support 11.20 - 11.25 - Comfort break 11.25 - 12.45 - Session 3 - Panel discussion 12.45 – Lunch
  • 77.
  • 78.
    © copyright PKFFrancis Clark, 2019 You shall not copy, make available, retransmit, reproduce, sell, disseminate, separate, licence, distribute, store electronically, publish, broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and / or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licence. To the maximum extent permitted by applicable law PKF Francis Clark excludes all representations, warranties and conditions (including, without limitation, the conditions implied by law) in respect of these materials and /or any services provided by PKF Francis Clark. These materials and /or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark. The content of these materials and / or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and / or any services provided by PKF Francis Clark are correct, we do not warrant the completeness or accuracy of the materials and /or any services provided by PKF Francis Clark; nor do we commit to ensuring that these materials and / or any services provided by PKF Francis Clark are up-to-date or error or omission-free. Where indicated, these materials are subject to Crown copyright protection. Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and Wales. These materials and / or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time, a copy of which is available on request. Our liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct, indirect or consequential loss or damage arising in connection with these materials and / or any services provided by PKF Francis Clark, whether arising in tort, contract, or otherwise, including, without limitation, any loss of profit, contracts, business, goodwill, data, income or revenue. Please note however, that our liability for fraud, for death or personal injury caused by our negligence, or for any other liability is not excluded or limited. PKF Francis Clark is a trading name of Francis Clark LLP. Francis Clark LLP is a limited liability partnership, registered in England and Wales with registered number OC349116. The registered office is Sigma House, Oak View Close, Edginswell Park, Torquay TQ2 7FF where a list of members is available for inspection and at www.pkf-francisclark.co.uk. The term ‘Partner’ is used to refer to a member of Francis Clark LLP or to an employee. Registered to carry on audit work in the UK and Ireland, regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales. Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales. A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability. Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.
  • 79.
    01392 667000 Exeter 01722 337661 Salisbury 01823275925 Taunton 01803 320100 Torquay 01872 276477 Truro 01752 301010 Plymouth 01202 663600 Poole Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.