CTC - Corporate Finance Training programmes Rights Issues, Open Offers and Placings Introduction

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.

Public company transactions

Rights issues, open offers and placings: introduction

This course provides an introduction to the most common methods of raising equity finance by listed companies. The main issues to be considered in relation to structuring rights issues, open offers and placings are outlined.

CPD: 3 hours

Level: introductory

OBJECTIVES

With debt finance being harder to obtain many more companies are looking to raise equity finance through rights issues, open offers and placings. Following the course, participants will understand the differences between the different methods and when each is appr0priate.

The course covers the main legal and regulatory issues and the process and documents required.

COURSE OUTLINE

Part 1. Choice of structures

The differences between rights issues, open offers and placings.
Legal and regulatory issues affecting the choice of secondary issue structure.
Investor guidelines and other commercial considerations.

Part 2. Rights issues and open offers: structure

Structure and timing of rights issues and open offers.
An outline of the process.
Shareholder authorities and pre-emption rights.
Treatment of overseas shareholders and fractions.
PALs and nil paid dealings.
Documents required.

Part 3. Placings

The placing process.
Different placing structures including placing and open offer and cashbox placings.
Documents required.