Listing Rules & Takeover Code Fundamentals This course is presented in London on: 28 February-01 March 2018, October 2018

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1 Listing Rules & Takeover Code Fundamentals This course is presented in London on: 28 February-01 March 2018, October 2018 The Banking and Corporate Finance Training Specialist

2 Course Objectives Participants will: Learn about the background to the regulations and the different directives Explore the detailed requirements for listing, including premium listings and track records Gain an understanding of suspension and cancellation issues and sponsor roles Be taught about continuing obligations such as the class tests and the Model Code Be introduced Course to Overview the Disclosure and Transparency Rules, including market abuse aspects and the rules relating to PDMR dealings Get to grips with the requirements to produce prospectuses and the relevant exemptions Understand the key differences between premium and standard listings and the AIM Gain a thorough introduction to the Takeover Panel and the rationale for the Takeover Code Explore the six general principles and their application in practice Master the key code definitions which are relevant in the rules Gain an understanding of the rules relating to announcements and independent advice Learn about dealing restrictions, disclosures and share purchases and the rules relating thereto Master the principles behind mandatory offers and whitewashes Get to grips with the methodology of voluntary offers and related rules Be appraised of the conduct during the offer and the bid timetable Learn about the use of profit forecasts, QFBS and asset valuations, and the relevant rules Background of the trainer The trainer has spent over 20 years in the City advising on a wide range of corporate finance transactions. He now provides corporate finance training courses on takeovers, London listings and other UK market regulation, as well as providing independent corporate finance advice. His courses draw on his extensive technical knowledge and are illustrated with relevant examples from his own experience and recent transactions. Course Overview On day one participants will learn about the general principles which underpin the Prospectus Rules, Listing Rules and Disclosure and Transparency Rules and be taught about their practical application regarding obtaining listings and executing further transactions. They will gain a strong understanding of the role of the sponsor, the conditions and methods of listing, the listing procedures and the contents of prospectuses and all aspects of continuing obligations, including the disclosure of inside information. They will appreciate how the provisions of the EU Prospectus, Market Abuse and Transparency Directives have been brought into UK regulation and examine the different requirements of premium and standard listings compared to those of AIM. On day two participants will learn about how the Takeover Panel operates in practice and how to apply the six general principles. The course will cover the issues involved in approaching target companies, making announcements, giving independent advice and complying with share dealing restrictions. Participants will also gain a strong understanding of voluntary, mandatory and partial offers

3 as well as the principles of the bid timetable and the conduct of the parties during an offer period. The course will examine the circumstances when the Takeover Code is applicable, the relevance of the key rules of the Takeover Code, the application of the Code in practice and the documentation requirements of the Panel Course Content Day One Background to the regulation The EU Prospectus Directive, Market Abuse Directive and Transparency Directive How the regulators operate Standard and premium listings Recent problems with controlling shareholders: Bumi and ENRC Listing Rules Listing principles General requirements for listing Requirements for a premium listing Three year track record 75% of business Independence Requirements for companies with controlling shareholder Special types of issuer Types of flotation Listing application Suspension, cancellation and restoration of a listing Reverse takeovers Sponsors Role and responsibility Criteria for approval Continuing obligations Continuing eligibility requirements Pre-emption rights Transactions after flotation Model Code Documents requiring prior approval Significant transactions The class tests Break fee rules Related party transactions Share buy-backs The Disclosure and Transparency Rules Principal concepts Effect of Market Abuse Regulation (MAR) on Disclosure Rules Disclosure and control of inside information by issuers What constitutes inside information? Is an immediate announcement necessary? Selective disclosure

4 Market rumours Disclosure of PDMR dealings Annual reports and interim reports Disclosure of shareholdings Thresholds Timing Access to information Corporate governance Prospectus Rules Requirement to produce a prospectus Exemptions Contents of a prospectus Example of rights issue prospectus Omissions Incorporation by reference Historical financial information Forecasts and pro formas Approval and publication of a prospectus Advertisements Supplementary prospectuses Passporting and third country issuers Responsibility for prospectus Key regulation differences with AIM Comparison of premium and standard listings and AIM Day Two: Introduction to the Takeover Code How the Takeover Panel operates Companies, transactions and persons subject to the Code Enforcement of the Code The Six General Principles and their application Key Code definitions The approach, announcements and independent advice (Rules 1-3) Secrecy When announcements are required Announcements of possible offers and naming Terms and pre-conditions in possible offers Automatic 28 day PUSU Firm offer announcements (Rule 2.7) Consequences of statement of intention not to make offer Irrevocable commitments Independent advice Dealing restrictions, disclosures and share purchases Prohibited dealings ( Rule 4) Consideration to be offered (Rules 6 and 11) Consequences of certain dealings (Rule 7) Disclosure requirements in offer period (Rules 8 and 38)

5 Timing restrictions on acquisition of shares and exceptions (Rule 5) Mandatory offers (Rule 9) When required Conditions which are possible Price payable Whitewash procedure Purchase of own shares (Rule 37) Voluntary offers The acceptance condition (Rule 10) The CMA and the European Commission (Rule 12) Pre-conditions and conditions in firm offers (Rule 13) Partial offer requirements (Rule 36) Provisions applicable to all offers Multiple classes of share capital (Rule 14) Convertibles and warrants (Rule 15) Special deals with favourable conditions (Rule 16) Announcement of acceptance levels (Rule 17) Restrictions following offers and partial offers (Rule 35) Conduct during the offer Standards of care for Information (Rule 19) Responsibility for information Unacceptable statements Post-offer undertakings and statements of intention Equality of information (Rule 20) Restrictions on frustrating action (Rule 21) Documents Overview of document rules (Rules 23 to 27) Distribution of documents and checklists (Rule 30) Profit forecasts, QFBS and asset valuations (Rules 28 and 29) Different types of profit forecast Reporting requirements Disclosures for Quantified Financial Benefit Statements Consensus forecasts Asset valuation reporting requirements Outline timetables (Rules 31 to 34 and Appendix 7) Contractual offers Schemes of arrangements

6 What Redcliffe s clients are saying about the course The trainer was very engaging & had many good case studies that were used to explain points Good examples were used throughout which made the rules much easier to absorb Notes provided are very detailed so I can refer back to them in future. Real examples helped to illustrate how and when the Takeover code operates. 09:30-17:00 London Standard Price: 1,100 +VAT Membership Price: VAT Delivering this course in-house for you to a number of participants could be very cost effective.