Dates                                                                                                          
 
13 October 2010
3 February 2011
8 June 2011
5 October 2011                    

Course overview

Secondary equity offerings, such as rights issues, placings and open offers, have become increasingly popular in the last couple of years, as UK listed companies have been strengthening their balance sheets, refinancing bank debt and raising additional finance for corporate development. The challenging market conditions have also meant that the structures for these offerings have evolved, with increased use of deep discount rights issues and cash box placings as well as the emergence of compensatory open offers, cornerstone investors and new underwriting procedures.

This course looks at the way recent secondary equity offerings have been undertaken and regulated and considers the advantages and disadvantages for the issuer of each type of offering.

Introduction
Current market trends

UK regulation for UK equity issues
Companies Acts and FSMA
Prospectus, Listing and Disclosure and Transparency Rules
UK pre-emption requirements

Structures for UK equity offerings
Rights issues
    • Traditional and deep discount
    • Shortened timetables
Open offers/ placings with clawback and other placings
New structures
    • Compensatory open offers
    • Cash box placings
    • Cornerstone investors
    • Other combinations

Means of marketing shares
Institutional and retail offerings
International tranches
    • US issues
Pre-marketing and marketing

Price setting mechanisms
Fixed price
Bookbuilding
    • The process
    • Accelerated bookbuilding
    • “Red herring” prospectus
    • Allocation, “Greenshoe” and stabilisation

Legal agreements
Underwriting agreements
Placing agreements

Possible developments
Rights Issue Reform Group proposals
Foreign models such as RAPIDS

Which structure to use
Rights vs. open offer vs. placing
Fixed price vs. bookbuilding

IN ADDITION TO THE PUBLIC DATES ABOVE, THIS COURSE CAN ALSO BE TAILORED TO YOUR REQUIREMENTS AND DELIVERED IN-HOUSE FOR YOU.

PLEASE CIRCULATE THIS PDF AMONG YOUR COLLEAGUES!

IF YOU HAVE ANY QUESTIONS ABOUT THIS SEMINAR PLEASE WRITE TO US AT post@redcliffetraining.co.uk

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