AIM: Flotations overview
Corporate finance training
Corporate finance training programmes
Official List: Flotations overview
Official List: Documentation for flotations
AIM: Documentation for flotations
Prospectuses: drafting

An explanation of course levels:

• Introductory: for those new to the subject.

• Intermediate: for delegates with some prior knowledge of the subject.

• Advanced: for delegates with substantial knowledge of the subject.

• Update: for delegates with or without prior knowledge of the subject.

Contact us for more information.

...unlocking potential

Flotations

AIM: Flotations overview

An introductory course providing an overview of the benefits and implications of admission to AIM, the process involved and the continuing obligations for companies admitted to AIM.

CPD: 6 hours

Level: introductory

OBJECTIVES

 The aims of the seminar are that participants should have:

• an overview of the process required for admission to AIM, including timetable and filing requirements; and
• an understanding of the involvement of lawyers and other advisers in the process.

This includes:

• an understanding of the documents required and their principal contents;
• an understanding of the potential liabilities arising for the company, directors, advisers and other parties under English law; and
• an overview of the main legislative and regulatory provisions under English law including the Financial Services and Markets Act 2000 (“FSMA”), the Prospectus Directive and the AIM Rules.

COURSE OUTLINE

Part 1. Admission to UK markets: introduction

• The main UK stock markets and how they are regulated.
• The main factors influencing the choice of markets.
• The advantages of AIM.
• The methods of flotation available: introductions, public offers, intermediaries' offers and placings.

Part 2. Procedure for admission to AIM

• Which advisers need to be appointed.
• The role of the nominated adviser and other advisers.
• The timetable, the principal documents required and who prepares them.
• The requirement for public announcement.
• The marketing of the offer, research reports and bookbuilding.

Part 3. Eligibility requirements and continuing obligations

• The eligibility requirements which apply to admission to AIM and how they compare with the Official List.
• The principal continuing obligations to which the company and its directors will be subject under the AIM Rules.
• The preparation needed to comply with the continuing obligations.
• Corporate governance and the requirements of investors.
• The constitutional documents for an AIM company.
• Internal compliance issues for AIM companies.

Part 4. The regulation of public offers

• An outline of the legal and regulatory regimes affecting admission to AIM: FSMA, the AIM Rules and the Prospectus Rules.
• The functions of the Financial Services Authority and the London Stock Exchange.
• The law and regulation governing when a prospectus needs to be prepared:
  • Home member state and cross border offers.
  • When a prospectus or a supplementary prospectus is required.
  • The relevant exemptions from the requirement to prepare a prospectus.
  • What information is needed if a prospectus is not required?

Part 5. Preparation for admission: liabilities

• The potential liabilities of the AIM company and its directors and shareholders arising in connection with admission to AIM:
  • Prospectus liability.
  • Market abuse.
  • Other civil and criminal liabilities.
  • The relevance of those liabilities in practice.

Part 6. Preparation for admission: due diligence

• What is involved in the due diligence process.
• What the due diligence reports will cover and who they will be addressed to.
• The standards applied in doing due diligence.
• Responsibilities of the nominated adviser for due diligence.

Part 7. Documents

• The AIM admission document: information required under the AIM Rules.
• Verification: why it is necessary and what is involved.
• Other documents
  • Placing agreements.
  • Lock in agreements.
  • Expert’s consents.
  • Comfort letters required by Nomads from the company, directors and legal advisers.
  • Directors’ responsibility letters.
  • Board minutes.
  • Allotment of securities.