Secondary Equity Offerings: Structure & Regulation Update

Short course

In City Of London

£ 525 + VAT

Description

  • Type

    Short course

  • Level

    Intermediate

  • Location

    City of london

  • Duration

    1 Day

If you are working with seconday equity offerings or would like to, this is the course for you.

Secondary equity offerings, such as rights issues, placings and open offers, have evolved considerably in the last few years. The challenging market conditions have meant that the structures for these offerings have had to change 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.

The recent changes made to the Prospectus Rules, which came into effect on July 2012, also have had an impact on secondary equity offerings. This course will help clarify some of those changes and look at the way recent secondary equity offerings have been undertaken and regulated. Participants will be considering the advantages and disadvantages for the issuer of each type of offering. There will also be an overview of market trends, marketing shares and price setting mechanisms. Particpants will learn about the legal documents which are involved in the process, as well.

For further information about the course, the trainer or for an in-house quote, please contact the center. This course has the option of being delivered in-house for you to a team of people.

Facilities

Location

Start date

City Of London (London)
See map

Start date

On request

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Reviews

Subjects

  • Equity
  • Secondary equity offerings
  • Finance
  • Market Trends
  • Prospectus rules
  • Discounts
  • Companies Act
  • Premium Listings
  • Underwriting Agreements
  • Fixed Price vs. Bookbuilding

Teachers and trainers (1)

Former  Practitioner

Former Practitioner

Contact us for details enquiries@redcliffetraining.co.uk

Course programme

Course Content:

Introduction

Current market trends

UK regulation for UK equity issues

Companies Acts and FSMA

UK pre-emption requirements

Premium listing, Prospectus and Disclosure and Transparency Rules

Changes in the Prospectus Rules

Structures for UK equity offerings

Rights issues

  • Traditional and deep discount
  • Rise of fees
  • Rights Issue Fee Inquiry conclusions
  • OFT market study of equity underwriting recommendations
  • Shortened timetables

Open offers/ placings with clawback and other placings

Recent structures

  • Compensatory open offers
  • Cash box placings and rights/open offers
  • Other securities
  • Cornerstone investors

Means of marketing shares

Markets

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

  • Recent issues

Placing agreements

Which structure to use

Rights vs. open offer vs. placing

Fixed price vs. bookbuilding

Secondary Equity Offerings: Structure & Regulation Update

£ 525 + VAT