2. The Process Flashcards
(27 cards)
how many days notice is needed
21 clear days
when does key verification meeting take place
before completion bm
aim of due diligence
investigate the co and collate comprehensive info about it
3 main categories of DD
business
financial
legal
most important part of DD
executive summary
what is the exec summary
succinct chapter revealing key issues and advised steps required pre/post ipo
what is verification
process producing a written record supporting what the co has said in the prospectus
who signs the verification note
each director / anyone responsible for the prospectus
when must prospectus be drafted
20 working days prior to approval of doc 20 (3) UKPR
what happens before final draft is submitted to fca
fca comments on the draft and returns to co advisers
when will fca approve prospectus
once it conforms with art 36-38 ukpr and s87a fsma
what does fca do once they approve prospectus
upload reg doc and prospectus to NSM
which docs are to be submitted with the prospectus
- completed form a
- completed publication form
- relevant fee
- Order of items in prospectus (if not following annexes, a cross-ref list setting out where each item can be found)
- copies of any docs incorporated into prospectus
- info required per art 18
- contact details of contact point with whom FCA can submit all notifications
- eligibility criteria to join escc cat of main market
- eligibility criteria to join official list
- sponsor’s declaration on application for listing
which docs have to be submitted 48 hrs prior to application UKLR 20.4.2R
- UKLR 20.4.2R
- application for admission of securities to OL
- FCA approved prospectus
- any published circulars
- any fca approved supplementary prospectus
- written confirmation of no of shares to be allotted pursuant to BR
- written confirmation of contact details for 2 exec directors to receive docs
docs to be submitted on the day
- completed sh statement
- pricing statement
docs to be submitted after admission
written confirmation of no of shares that were allotted (if varied from that announced) 20.4.7
how long must docs be kept for after admission day
at least 6 years after IPO, made available to FCA on request 20.4.8
what must be sent to stock exchange before admission to trading
application form + draft prospectus at least 10 business days prior to requested date for hearing of application
docs to be submitted to SE 48 hours before
application for admission to trading
e copy of prospectus
e copy of circular
e copy of any notice of meeting
what must be submitted to SE by 4pm before day expected of admission
written confirmation of number of shares to be allotted
when is ipo live
from the day of prospectus approval
when must prospectus be published by
6 WD before end of offer period art 21(1)
how can prospectus be published
electronically on co website
website of financial intermediary
se website
what do prospective investors have to do to purchase
- complete application form and send to receiving bank by the deadline
- receiving bank cashes cheque, accounts to co for proceeds
- co sends out share certificate or letter of acceptance
