Secondary Equity Offerings: Structure & Regulation Update
Short course
In City Of London
Description
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Type
Short course
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Level
Intermediate
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Location
City of london
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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
Start date
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
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