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

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.

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Flotations

Prospectuses: Drafting

This course covers the issues arising in practice in drafting a prospectus under the Prospectus Directive rules.

CPD: 6 hours

Level: intermediate

OBJECTIVES

Participants will:

• understand the usual layout and format of a prospectus;
• identify the key issues which may arise in relation to the drafting of a prospectus;
• understand the purpose and content of the ancillary documentation and comfort letters.

The course includes examples of publicly available documentation.

COURSE OUTLINE

Part 1. Background

• General issues in relation to drafting a prospectus.
• Incorporation of information by reference.
• The omission of information.
• The form and layout of the prospectus

Part 2. Drafting a prospectus

• Contents required under the Prospectus Directive including:
  • Cover pages: what should be included?
  • The summary.
  • Risk factors.
  • Business information.
  • The Operating and Financial Review.
  • Financial information.
  • Details of the offer and contractual terms.

Part 3: Additional information

• Drafting the additional information section:
  • Share capital and capital history.
  • Summary of the memorandum and articles.
  • Litigation.
  • Material contracts.
  • Information regarding directors.

Part 4. Ancillary documents

• Expert’s consents
• Comfort letters required by Sponsors.
• Directors’ responsibility letters.
• Board minutes.
• Verification notes.