Dates                                                                 

4-6 November 2008
24-26 March 2009
30 June-2 July 2009
23-25 November 2009

Course Overview

This three day corporate finance course begins by providing
a thorough introduction to flotations, raising equity finance and public company takeovers 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 and also includes a review of the different instruments and the roles played by the advisers.

The second day is devoted to corporate finance issues for smaller companies and covers small acquisitions, disposals, buy-outs and financings.

The final day introduces participants to basic business valuations,a very important technique for corporate financiers. The mechanics of discounted cash flow arithmetic will be covered including the structuring of a model and participants will also gain a grasp of the issues surrounding the choice of the discount rate.

They will also learn about earnings based methods which are commonly used in valuing businesses in a variety of differing circumstances and address the alternative valuation techniques that may be deployed.

Delegates will be required to bring a laptop with a CD-Rom or USB Port to the seminar.

Course Content

  Flotations
Advisory Roles in Corporate Finance Deals
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 )
Instruments of Corporate Finance (including convertibles, warrants
  and depositary receipts)

 Further Public Company Transactions
Rights issues
Open offers
Vendor placings
Public company takeovers

 Corporate Finance for Smaller Companies
Background and overview
Acquisitions
Disposals
Negotiation
Earn-outs
Bank finance
Management buy-outs
Structuring the deal

 Valuation
Business accounting model – collecting the correct data
Importance of cashflow in business performance
Review of the different perspectives of valuation
Relative valuation techniques
Using the dividend growth model approach
Understanding the key drivers of PER – risk and growth assumptions
Concept of EBIT and EBITDA multiples of enterprise value (EV)
Cashflow multiples – EV / FCF, price / cashflow per share
Sales, asset and other multiples used for valuation
Benefits and drawbacks of relative valuation techniques
Discounted cashflow valuation
Free cash flow (FCF) calculation
Free cash flow to the firm (FCFF) and free cash flow to
  equity (FCFE)
Estimating the cost of capital to apply as a discount rate
Calculating the terminal value