This document provides an overview of listing a company on the Alternative Investment Market (AIM) and PLUS markets in London. It discusses the key requirements, costs, timeline and ongoing obligations for companies pursuing these options. Listing on AIM generally requires appointing a nominated adviser and broker, producing an admission document, and paying various fees that can total over £150,000. PLUS listings have lower costs but still require a corporate advisor and legal and accounting support. The listing process typically takes around three months to complete.
CMS LSE AIM IPO Presentation to Irokotv 2019Jason Njoku
Based on our direct conversations with stockbrokers, NOMADs, auditors and lawyers, an LSE AIM listed company valued at $100m would need to have (ultra conservatively) $8–10m in revenue and $0–1m in EBITDA.
https://jason.com.ng/a-120-150m-ipo-for-iroko-in-2021/
Overview by Bell Rock Group Financial Services Limited on the Cayman Islands International Tax Co-operation (Economic Substance) Law, 2018 and how it may affect Cayman Islands companies and entities.
CMS LSE AIM IPO Presentation to Irokotv 2019Jason Njoku
Based on our direct conversations with stockbrokers, NOMADs, auditors and lawyers, an LSE AIM listed company valued at $100m would need to have (ultra conservatively) $8–10m in revenue and $0–1m in EBITDA.
https://jason.com.ng/a-120-150m-ipo-for-iroko-in-2021/
Overview by Bell Rock Group Financial Services Limited on the Cayman Islands International Tax Co-operation (Economic Substance) Law, 2018 and how it may affect Cayman Islands companies and entities.
Here we are trying to list the taxation and accounting implications for a typically Demerger of companies.
The Implications are studied for Resultant and the Demerged Company
Accounting and Income tax aspects : Merger/AmalgamationHU Consultancy
Here we are trying to list the taxation and accounting implications for a typically Merger/Amalgamation of companies.
We also look at various methods for accounting to treat different types of merger
This slide deck takes a look at the reasons behind why you would float a company on the stock exchange, the different methods of flotation, the initial steps to flotation and then a further look in more detail at the AIM Stock Market. To learn more or book a free consultation visit our website http://www.hbcg.co.uk
We are very honored to be able to invite the Senior Managing Director of FTI Consulting (FCN US, MV $1.5bn), a billion-dollar NYSE-listed global forensic consulting firm, as a guest speaker in our SMU classes to share his knowledge and wisdom with the students in the Accounting Fraud in Asia course in Week 6, the week of 9th February. Over the years in the Asian capital jungles, the FTI people are amongst the few professionals whom I respect for their on-the-field expertise and thought leadership in the area of fraud and forensic investigation. I am sure that the talk will definitely make an impact for our SMU students who will learn not only invaluable lessons from the speaker’s knowledge and wisdom but also about FTI Consulting as their future career choice.
All that you need to know on how about's of a Company Secretary-their role, courses, examinations and renumeration. to know more contact us on www.onestepup.in and book a career counseling session with us.
Argentina Clarifies Income Tax ProvisionsNair and Co.
Argentina has, during the recent past, published amendments to income tax provisions. Certain clarifications have been recently issued relating to these amendments
Here we are trying to list the taxation and accounting implications for a typically Demerger of companies.
The Implications are studied for Resultant and the Demerged Company
Accounting and Income tax aspects : Merger/AmalgamationHU Consultancy
Here we are trying to list the taxation and accounting implications for a typically Merger/Amalgamation of companies.
We also look at various methods for accounting to treat different types of merger
This slide deck takes a look at the reasons behind why you would float a company on the stock exchange, the different methods of flotation, the initial steps to flotation and then a further look in more detail at the AIM Stock Market. To learn more or book a free consultation visit our website http://www.hbcg.co.uk
We are very honored to be able to invite the Senior Managing Director of FTI Consulting (FCN US, MV $1.5bn), a billion-dollar NYSE-listed global forensic consulting firm, as a guest speaker in our SMU classes to share his knowledge and wisdom with the students in the Accounting Fraud in Asia course in Week 6, the week of 9th February. Over the years in the Asian capital jungles, the FTI people are amongst the few professionals whom I respect for their on-the-field expertise and thought leadership in the area of fraud and forensic investigation. I am sure that the talk will definitely make an impact for our SMU students who will learn not only invaluable lessons from the speaker’s knowledge and wisdom but also about FTI Consulting as their future career choice.
All that you need to know on how about's of a Company Secretary-their role, courses, examinations and renumeration. to know more contact us on www.onestepup.in and book a career counseling session with us.
Argentina Clarifies Income Tax ProvisionsNair and Co.
Argentina has, during the recent past, published amendments to income tax provisions. Certain clarifications have been recently issued relating to these amendments
Listing equity in London A quick guide : by Berwin Leighton Paisner LLPDavid Solomon
Very good quick guide for Listing equity in London.
I promise my friends at BLP to introduce it to my network.
David Solomon
CEO, SOLOMON CAPITAL
www.solomon-capital.com
How to manage for preparation of md&a disclosuresHamdy Rashed
The disclosures in Corporate Governance Report, Sustainability Report and Management Discussion & Analysis (MD&A) Report are more common requirement of many stock exchange markets requirements of other organization. However, IFRS requires many disclosures but financial standards do not cover all information. Therefore, Stock Exchange market and other organizations require additional and more concise information that should be disclosed on frequently basis to provide the readers of annual report more adequate and comprehensive view of Companies.
Keywords: Management Discussion & Analysis Report, MD&A, Corporate Governance, Sustainability, Corporate Social Responsibility, listing Companies.
The Companies Act 2013 has introduced the concept of ‘Registered Valuer’ through Section 247 Chapter XVII to cover valuation of any property, stock, shares, debentures, securities, goodwill or any other assets of the company as well as its net worth and liabilities.
Valuation team of Corporate Professionals here presents the summarized presentation on Registered Valuer.
Companies Act 2013 has ushered in lot of changes. Right from One Person Company to Secretarial Audits. Also special emphasis has been laid on Corporate Social Responsibilities and Corporate Governance in the Companies' Act 2013 In this presentation we will try and understand some of these changes. Our main objective is to understand what these changes are and what effect do they have on the working and the administration of a company.
1. Listing on Alternative Investment Market (AIM) and PLUS market . Nadeem Akhtar LL.B (Hons) – Partner, Tavistock Law
2. Overview of AIM Membership open to companies from all sectors and from all over the world No restrictions on the size of the company or its specific activities No restrictions on the number of shareholders No strict trading record requirements Admission Documents not pre-vetted by UK Listing Authority
3. Overview of AIM (ctd..) Nominated Broker & Nominated Adviser required at all times Reduced level of regulation and fewer continuing obligations (responsibility lies with the Nominated Adviser) No minimum market capitalisation
4. Key Requirements for AIM Nominated Adviser (Nomad) Must Appoint and retain a NOMAD at all times Will advise on suitability to AIM Is the company’s point of contact with the London Stock Exchange Will confirm to the London Stock Exchange that all rules & regulations of admission to AIM have been complied with and that the company continues its obligations after admission Nominated Broker Must appoint and retain a broker at all times Broker will work with company to generate market interest in the company If fund raising then Broker will identify suitable investors, assist in initial roadshow and/or additional fund raising and provide ongoing research on the Company A broker must be a securities house which is a member of the London Stock Exchange
5. Key Requirments (ctd..) General rule – there must be no restrictions in the free transferability of shares Company must prepare an Admission Document – includes information on the company and its activities, directors and management & historical financial information. This document is made available to all prospective investors Company must pay an initial admission fee and then an ongoing annual fee
6. Admission Team for Aim Nomad Broker Reporting Accountants – they will carry out a detailed enquiry into the company’s financial results and produce a report setting out the relevant information about the business and assets of the company. Legal Advisers – will a)advise on the legal aspects of the floatation process including any measures that need to be taken to make the company suitable for listing; b) undertake a legal due diligence exercise as part of the process to establish suitability; c) advise on director’s obligations; d) undertake a verification exercise in relation to the contents of the admission document; e) advise on the terms of any fund-raising agreement; and f) advise on any ancillary documents e.g. nomad and broker agreements, 10 day announcement, placing letters . PR consultants – in order to create the most effective message to the public regarding the company and the listing on AIM Technical Experts/Specialist Advisers – these may be required to provide a specialist report on its assets and reserve base (for example in respect of a mining company a competent persons report is now a requirement of the AIM rules
7. Cost of joining AIM Nominated Adviser and Broker - £75,000 - £250,000 plus an ongoing annual retainer fee of approximately £25,000 - £35,000 Reporting Accountants - £50,000 - £70,000 Lawyers - 50,000 - £100,000 depending on level of due diligence and other additional matters to be dealt with. PR consultants (if raising funds) - £10,000 - £15,000 Printing - £5,000 - £10,000 In addition to the above there will be a. broker’s commissions of between 3% to 6% on any funds raised; and b. £4000 admission fee (which is thereafter charged on annual basis)
8. Overview of PLUS Membership open to companies from countries from all around the world. Disclosure based market dedicated to small and medium companies. Cost effective execution possibilities in London shares. Very low compliance cost.
9. Over view of PLUS (ctd) Two options to enter the PLUS market – PLUS-listed market and PLUS quoted market. Trading increased in PLUS even in the downturn.
10. Key Requirements for PLUS Proven Business plan or track record. Need to demonstrate appropriate level of corporate governance. Need to have at least one independent non executive director. Appoint and retain a PLUS Corporate advisor at all times. Should have published audited reports for no more than nine months prior to the date of admission to trading.
11. Key requirements (ctd..) Have adequate working capital Have no restriction on the transferability of shares. Have the shares eligible for electronic settlement.
12. Admission Team for PLUS PLUS Corporate Advisor Reporting Accountants – they will carry out a detailed enquiry into the company’s financial results and produce a report setting out the relevant information about the business and assets of the company. Legal Advisers – will a)advise on the legal aspects of the floatation process including any measures that need be taken to make the company suitable for listing; b) undertake a legal due diligence exercise as part of the process to establish suitability; c) advise on director’s obligations; d) undertake a verification exercise in relation to the contents of the admission document; e) advise on the terms of any fund-raising agreement; and f) advise on any ancillary documents e.g. advisor agreements, g) often fulfils two roles of both acting on behalf of the company and on behalf of the corporate advisor. PR consultants – in order to create the most effective message to the public regarding the company and the listing on PLUS
13. Cost of joining PLUS Plus Corporate Advisor - £10,000 - £15000 Reporting Accountant - up to £10,000 Lawyers - £15,000 depending on level of due diligence and other additional matters to be dealt with. PR consultants (if raising funds) - £ 10,000 Total of no more than £50000.
14. Timescale On average takes 3 months Dependent on type of company, speed and accuracy of information provided for inclusion in the Admission Document, the amount of due diligence required and the ease of verification.
15. Company’s Continuing Obligations Retain a NOMAD and Broker at all times (not required for PLUS). Publish price sensitive information without delay Produce and file half yearly reports within 3 months of the period to which they relate Produce annual financial statements within 6 months of the end of the finanacial year to which they relate
16. Our experience Our team works in partnership with its clients and advisers on initial public offerings, takeovers, acquisitions and disposals, regulatory compliance and all other aspects of corporate law for listed companies Our team has experience advising public companies and has an established network of professional advisers who specialise in advising AIM companies In addition to AIM, and PLUS Markets listings we also assist in full London Stock Exchange listings
17. Further Information If you think AIM or PLUS is the right market for your company or clients or if you require further information in respect of the information set out in this presentation, please contact us, we would be pleased to assist you and your company in respect of its listing and beyond Contact:- Nadeem Akhtar - +44 (0) 845 2606034 Email: nadeem.akhtar@tavistocklaw.com