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Flotations, Equity Finance and Takeovers

This course provides a thorough introduction to corporate finance transactions as executed in the UK. It focuses on the different types of deal that are often carried out by companies where debt and equity capital might be raised. It includes a review of the different instruments, the roles played by the advisers and addresses the structure, application and regulation associated with the different transactions. The course is suitable for those who are new to working in corporate finance departments of both corporates and advisers.

Course Content

Instruments of Corporate Finance
• Ordinary shares
• Preference shares
• ADRs and GDRs
• Debt instruments
• Convertibles and warrants

Advisory Roles in Corporate Finance Deals

Stock Market Flotations
• Advantages and disadvantages
• Official List and AIM
• Conditions for listing (regulatory and commercial)
• Methods of listing ( offers for sale / subscription, placings, intermediaries offers, introductions, reverse takeovers )

Further New Issues
• Rights issues and pre-emption rights
• ABI / NAPF guidelines
• Open offers
• Vendor placings
• Reorganisations and reconstructions

Acquisitions of Private Companies
• Commercial rationale
• Financial rationale
• Due diligence
• Structure of deals
• The Class Tests

Takeover of Public Companies
• Underwritten cash alternatives
• Mix and match elections
• Bid strategies
• Defence strategies
• Takeover Code (introduction only)

Further Corporate Finance Transactions
• Demergers and spin-offs
• Buying in
• Capital reduction schemes

Contact Redcliffe Training Associates