executing a successful listing - pwc · • the london stock exchange is one of the world's...

Executing a successful listing

London

www.pwc.com/ipocentre

An IPO Centre publication

November 2012

About this brochure

This brochure summarises the different London markets, the listing standards for each market, the process and the timeline for going public in London and an overview of the wider regulatory environment.

Content

London – an overview 2

London Stock Exchange markets 5

Listing requirements and ongoing obligations 6

Corporate governance 8

Market indices 9

Indicative IPO timeline and process 10

How PwC can help you 11

2 Executing a successful listing - London PwC

London; an overview...

Companies from all over the world are listed in London

Source: LSE data as at 30 June 2012

• NYSEEuronextrecentlyopeneditsLondonplatform,complementingtheirotherEuropeanplatformsinParis,Amsterdam,Brussels.EurotunnelSAwasthefirstcompanytocompletealistingontheLondonplatforminJune2012.

1 – 20

21 – 40

41 – 60

> than 61

Numberofcompanieslisted

Main MarketEU Regulated

Markets

ExchangeRegulated Markets

Securities admitted too�cial list

(maintained by UKLA)

Securities not admitted to o�cial list

Specialist Fund Market

ProfessionalSecurities Market

AIM

Londonremainsoneofthemostinfluentialglobalfinancialcentres.Itowesmuchofitscontinuingappealtoitscosmopolitanstatus,theliquidityofthefinancialmarketsandtheregulatory,businessandpoliticalframeworkthatsupportsthosemarkets.

• TheLondonStockExchangeisoneoftheworld'soldestexchangesandoffersawidechoiceofroutestomarket,forUKandinternationalcompanies.Themarketsthatcompaniescanlistonareshowninthetablebelow.Whichmarketacompanyshouldconsiderwilldependupondifferentcriteriaincludingthe:

– stageofthecompany’sdevelopment;

– complexityoftheofferandsecuritiesissued;

– investorswhoarebeingtargeted;

– sizeofthecompany;

– overallstrategyandobjectives;and

– eligibility.

PwC Executing a successful listing - London 3

*AsofSept2012 MainMarket AIM

Numberoflistedcompanies 1,338 1,107

Totalmarketcapitalisation(GBPbn) 3,740 64

Numberofinternationalcompanies 316 213

IPO2007–28Sept2012averagemoneyraised(GBPm) 513 34

IPOs2007–28Sept2012 133 338

IPOs2007–28Sept2012proceeds(GBPbn) 68 11

Furtherissues2007–28Sept2012 754 2,275

Furtherissues2007–28Sept2012proceeds(GBPbn) 954 295

Data source: London Stock Exchange data, Dealogic data

Spread of companies by market capitalisation as at September 2012

0

50

100

150

200

250

Over 2,0001,000-2,000500-1,000250-500100-25050-10025-5010-255-102-50-2

232

27

147

39

97 99105

137

197

120

34

8 4 2

123

102

196

84

188

141

210

130

Main Market

AIM

Data source: London Stock Exchange data

19%

18%

13%13%

9%

8%

7%

7%

3%

Financial

Oil and gas

Consumer goods

Industrials

Basic materials

Telecommunications

Consumer services

Healthcare

Technology

Utilities

Market capitalisation of London listed companies by industry as at 30 June 2012

Data source: London Stock Exchange data

London offers a wide choice of markets to companies of all sizes and origins


Main MarketTheMainMarketistheLSE'sflagshipmarket,regulatedbytheUKListingAuthority(UKLA).

AcompanycanlistontheMainMarketineitherthePremiumsegmentortheStandardsegment.ThesearetheFinancialServicesAuthority(FSA)listingcategoriesthathavebeendesignedtohelpclarifytheregulatorystandardsthatapplytoalistingontheMainMarket.

ForaPremiumlisting,thecompanymustappointasponsortoprovidedeclarationstotheFSAaspartoftheIPOprocess.Diligencereportswillalsoberequiredfromareportingaccountant.

Premium listing Standard listing (Shares and Depositary Receipts)

Onlyavailabletoequitysharesandclosed-andopen-endedinvestmententities.

IssuerswithapremiumlistingarerequiredtomeettheUK’sListingRuleswhicharemoreonerousthantheEUminimumrequirements.

AcompanywithapremiumlistingisexpectedtomeettheUK’shigheststandardsofregulationandcorporategovernance.

Standardlistingscoverissuanceofshares,GlobalDepositaryReceipts(GDRs),debtandsecuritisedderivativesthatarerequiredtocomplywithEUminimumrequirements.

AStandardlistingallowsissuerstoaccesstheMainMarketbymeetingEUharmonisedstandardsonly,ratherthantheadditionalUKrequirements.

AIMAIMistheLSE’smarketforsmaller,growingcompanies.Themarkethasasimplifiedregulatoryenvironmentwhichhasbeenspecificallydesignedfortheneedsofsmallandemergingcompanies.

AIMisanexchangeregulatedmarket.CompanieswishingtojoinAIMmustcomplywiththeExchange’sAIMRules.

CompaniesapplyingtoAIMmustappointandretainaNominatedAdviser(NOMAD)toguidethemthroughtheadmissionprocessandtoadvisethemsubsequentlyasapubliccompany.TheNOMADmustberegisteredwiththeExchange(SeetheLSEwebsiteforalistofapprovedNOMADS.)

TheAIMRulesforCompaniessetouttherequirementsandguidanceforcompaniesquotedorwishingtobequotedonAIM.TheadmissiondocumentrequirementsarebasedontheFSA'sProspectusRuleswithcertain(optional)exclusions.AdmissiondocumentsrelatingtoapublicofferintheUKwillneedtofollowtheFSA'sProspectusRulesandrequiretheapprovaloftheFSA.

Certaintaxincentivesareavailabletoindividualandcorporateinvestors,whichenhancetheattractivenessofinvestinginAIMcompanies.

Professional Securities Market (PSM)ThePSMisaspecialistexchangeregulatedmarketdesignedtosuitthespecificneedsofcompanieslookingtoraisecapitalthroughtheissueofspecialistdebtsecuritiesordepositaryreceipts(DRs)toprofessionalinvestors.ListingonthismarketmayavoidtheneedforfinancialinformationtobeconvertedtoIFRSoranequivalentGAAP.

Specialist Fund Market (SFM)TheSFMisanEUregulatedmarketforspecialistinvestmentfundsandspecialistpropertyfunds(includingprivateequityfunds,hedgefunds,feederfunds(bothsingleandmulti-strategy),specialistgeographicalfunds,fundswithsophisticatedstructuresorsecuritytypes),targetingsophisticatedinvestors.

London Stock Exchange markets

• PremiumlistedandStandardequitiesaretradedontheLSE’sSETStradingplatform.

• StandardlisteddepositaryreceiptsaretradedontheLSEInternationalOrderBook(IOB)platform.

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Corporate governance

UndertheListingRulesPremiumlistedcompaniesarerequiredtoapplytheprinciplesoftheUKCorporateGovernanceCodeandcomplywithitsprovisionsorexplainhowtheyachievedgoodgovernancebyothermeans.Companieswithastandardlistingcanchoosetocomplywiththeirdomesticcorporategovernancecode.

TheUKCorporateGovernanceCodeisbestpracticeforAIMcompaniesbuttherearenospecificrequirements.TheUKQuotedCompaniesAlliancehasissuedguidelines(regardingcorporategoverenance)forsmallerquotedcompanies

Summary of the key areas of the UK Corporate Governance Code

UK Corporate Governance Code principleBoard of Directors • Thecompanyshouldbeheadedbyaneffectiveboard,whoseresponsibilitiesareseparatefromthedaytoday

runningofthebusiness.

• Atleasthalftheboard(excludingtheChairman)shouldcompriseindependentnon-executivedirectors(INEDs).

• Forsmallercompanies(belowFTSE350)onlytwoINEDSarerequiredtobeontheboard.

Senior independent director • Oneindependentnon-executivedirectorshouldbeappointedasseniorindependentdirectortoprovideasoundingboardfortheChairmanandintermediaryfortheotherdirectors.

Chairman • TheroleoftheChairmanandchiefexecutiveshouldnotbeexercisedbythesameindividual.Thechairmanshouldonappointmentbeindependent.

Audit committee • Anauditcommitteeofatleastthree,orinthecaseofsmallercompaniestwo,independentnon-executivedirectorsshouldbesetup.

Nomination and Remuneration committee

• Nominationandremunerationcommitteesshouldbesetup–withamajorityofmembersbeingindependentnon-executivedirectors.

Risk management and internal control

• Asignificantportionofexecutivedirectors’remunerationshouldbestructuredsoastolinkrewardstocorporateperformance.

Internal controls effectiveness assessment

• Theboardshouldensurethecompanymaintainsasoundsystemofinternalcontrol.

Relationship with shareholders

• TheBoardisresponsibleforensuringthatasatisfactorydialoguewithshareholderstakesplace.

• InFTSE350companies,anexternallyfacilitatedboardevaluationshouldbecarriedouteverythreeyears.

AGM • Theboardshouldusetheannualgeneralmeetingtocommunicatewithinvestors.


Market indices FTSEseriesInclusionintheFTSEUKIndexSeriesisdeterminedbytheFTSEcommittee.TheFTSEUKIndexSeriesisopentoeligiblePremiumListedMainMarketcompanies.CompanieswithaStandardListingarenoteligibleforinclusionintheFTSEUKIndexSeries.

FTSE 100TheFTSE100Indexisoneoftheworld’smostrecognisedindices.Itrepresentstheperformanceofthe100largestUK-domiciledbluechipcompanieswhichmeetFTSE’ssizeandliquidityscreening.TheindexiscurrentlyusedasthebasisforawealthoffinancialproductsavailableontheExchangeandglobally.

FTSE 250TheFTSE250Indexiscomprisedofmid-sizedcompanies.Thisindexisdesignedtomeasuretheperformanceofthemid-capsegmentsintheUKmarketwhichfalljustbelowtheFTSE100Indexinsizeandliquidity.

FTSE Small Cap TheFTSESmallCapconsistsofcompaniesoutsidetheFTSE100andFTSE250indices.

FTSE All-Share TheFTSEAll-ShareIndexrepresentstheperformanceofalleligiblecompanieslistedontheMainMarket.ItisconsideredtobethebestperformancemeasureoftheoverallLondonequitymarket,withthevastmajorityofmoneyinvestedinfundsbenchmarkedagainstit.TheFTSEAll-ShareIndexistheaggregationoftheFTSE100,FTSE250andFTSESmallCapIndices.

FTSE Russia IOB (FTSE RIOB)TheFTSERussiaIOBiscomprisedofthefifteenlargestRussianDepositaryReceipts(DRs)listedontheLSE’sInternationalOrderBook(IOB).

AIM indicesTradinginAIMissupportedthroughtheAIMindexseries,whichincludesthe:

• FTSEAIM50UKIndex;

• FTSEAIM100Index;

• FTSEAIMAll-ShareIndex;and,

• FTSEAIMAll-ShareSupersectorIndex.

Eachindexhasspecificeligibilitycriteriarelatingtogeneralliquidityandfreefloatrequirements.


Indicative IPO timeline and process

Theflotationtimelineforeachmarketdiffersduetothevaryinglevelofregulatoryrequirements.ThefollowingchartgivesanindicationoftheIPOprocessforaPremiumListingontheMainMarket:

*Somecompaniessuchasrealestateandmineralcompaniesarerequiredtoincludevaluationortechnicalexpertreportsintheprospectus.

Typically 4 – 6 months

General

Appointment of key advisers

Financial reporting procedure report

Business and financial due diligence (the ‘long form report’)

Corporate governance

Tax planningand employeeincentives

Legal due diligence

Confirmation ofeligibility

Low profile institutionalmarketing

Announcementof intention to float

Fine tune pricing valuation modelPricing

Pressreleaseissued

High profileinstitutionalmarketing

Final verificationnotes issued

Final• Pricing and allocation• Board meeting• Long form report• Short form report• Working capital report• Ancillary

documents issued

Final legaldocuments issued

Expert’s report*

Drafting prospectus; regulator comment letters

UKLA vetting and approval of prospectus

Prospectus verification

Draft legal documentationDraft memo and articles of association updated

Working capital report

Accountants’ opinion on financial information for three years

Transaction and corporate structure, including tax structuring

Develop equity story

Impactday

Path

finde

ris

sued

Pros

pect

usis

sued

Proc

eeds

pai

dto

com

pany

and

vend

ors

Reportingaccountants

Legaladvisors

Regulation anddocumentation

Marketing

Other


How PwC can help you

ExecutingasuccessfulIPOistypicallytheculminationofacomplexprocess,whatevermarketyouliston.Fromstrategy,accounting,reporting,financialsystems,governance,mediaandinvestorrelations,totreasuryandfinancialriskmanagement,legal,tax,HR,technology–everypieceofthepuzzlemustbeinplace,andconnectedbeforeyouproceed.

Planningandgoodpreparationarecrucialtoasuccessfulflotation,regardlessofthemarketorstockexchange.PwC’sdedicatedteamofcapitalmarketsprofessionalsareheretohelpandmakethetaskathandaneasierexperienceforyou.Wehavedeepexperienceandknowledgeoftherulesandregulationsgoverningallmajorcapitalmarkets—andasuccessfulhistoryofworkingonbothinternationalanddomesticIPOs.

Wecanassistwithallaspectsofyourpublicoffering,including:

• ConductinganIPOreadinessassessment.

• Taxstructuringandplanningadvice,includingchoiceofholdingcompanylocation.

• Selectingtherightmarketandadvisoryteam.

• Assistancewiththedraftingofyourprospectusorofferingmemorandum.

• Publicreportingonyourhistoricalfinancialrecord.

• Advisingonregulatoryandothercomplianceissues.

• Managingcomplextransactionprojects.

• Assistingwithcomplexaccountingissues.

• Privateduediligencereports(e.g.onfinancialreportingprocedures)andcomfortletters.

• Reportingonprofitforecastsandotherprospectivefinancialinformation.

• Preparationof,orassuranceover,yourworkingcapitalforecastmodel.

• Designingexecutiveandemployeecompensationschemes.

• Adviceoncontinuingobligationsasapubliccompany.

• AdviceontheUKBriberyAct.


Capital Markets contacts in London

Richard Weaver

Tel:+44(0)[email protected]

Mark Hughes


Ursula Newton


Philip Tew


Kevin Desmond



IPO Centre – London team

Clifford Tompsett


Katya Kuznetsova


Neil Cook


About the IPO Centre

PwChasastrongandestablishedrecordhelpingcompaniesfromallovertheworldplanandexecutesuccessfulIPOs.TheIPOCentrewascreatedtorespondtotoday’sincreasinglycomplexcrossborderworld.

Itisnowmoreimportantthaneverforcompaniestotapintoglobalknowledgeaswellaslocalinsights.TheIPOCentrebringstogetherourglobalnetworkensuringthatweprovidecompanieswiththerightmixofsectorandIPOexpertisecombinedwithrelevantlocalandinternationalmarketknowledge.ThroughtheIPOCentreweareabletoconnectcompanieswiththerightPwCcapitalmarketspecialiststohelpeffectivelyevaluatetheprosandconsofanIPO,takeyouthroughtheIPOprocessandprepareyouforlifeasapubliccompany,regardlessofthemarkettheychoosetoliston.

www.pwc.com/ipocentreThis publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

© 2012 PricewaterhouseCoopers LLP. All rights reserved. In this document, "PwC" refers to the UK member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

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