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NICK LANGFORD 7 NOVEMBER 2006. Getting Ready for AIM. Benefits. Initial and further capital raising Profile Valuation Employees. A choice of complementary markets. A choice of globally respected markets supported by a wide range of institutional & retail investors. Main Market. - PowerPoint PPT Presentation
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NICK LANGFORD
7 NOVEMBER 2006
Getting Ready for AIM
OCTOBER 2006
• Initial and further capital raising
• Profile
• Valuation
• Employees
Benefits
OCTOBER 2006
A choice of globally respected markets supported by a wide range of institutional &
retail investors
Supports more established companies seeking further
growth.1,607 issuers
Supports earlier stage companies in their initial growth
period.1,590 issuers
Main Market
UK Listing Authority
SponsorNominated Adviser (Nomad)
A choice of complementary markets
OCTOBER 2006
The world’s most successful growth market
OCTOBER 2006
No minimum size to be admitted
No trading record required
No minimum amount of shares to be in public hands
In most cases, no prior shareholder approval required for transactions
Admission documents not pre-vetted by Exchange or UKLA but by nominated adviser
Nominated Adviser and Broker required at all times
Admission Criteria
OCTOBER 2006
Principles of disclosure - AIM rule 10
• Information required by AIM rules must be notified by the Company no later than it is published elsewhere
• Company must retain a Regulatory Information Service (RIS) to enable it to notify information
• Company must take reasonable care that any information it notifies is not misleading, false or deceptive and does not omit anything.
• Presumed that information notified is required by these rules or a legal or regulatory requirement
OCTOBER 2006
General disclosure - AIM rule 11
• An AIM Company must issue notification without delay of any new developments which are not public knowledge concerning a change in:– its financial condition– its sphere of activity– the performance of its business – its expectation of its performance
OCTOBER 2006
General disclosure - AIM rule 11
– … which, if made public, would be likely to lead to a substantial movement in the price of its AIM securities
OCTOBER 2006
Specific miscellaneous disclosures
Key disclosures:
• Directors, Shareholders, Advisers• Any material change between its actual
trading performance or financial condition and any profit forecast, estimate or projection
• Other changes
OCTOBER 2006
Disclosure of financial information
Half yearly reports (no audit requirement):• must be notified without delay, and not
later than three months after the end of the relevant period
Audited annual accounts:• UK or US GAAP or IAS – Changes Jan 2007• Accounts must be sent to shareholders
without delay, and not later than six months after the end of the relevant period
OCTOBER 2006
Corporate Governance
Is NOT mandated in AIM Rules
HOWEVER…
Corporate Governance best practise demonstrates the company is managed in an efficient and effective manner
Recognised and in some cases required by Institutional Investors
OCTOBER 2006
1,590 companies
1307 UK 283 International
330 new companies in 2006: 244 UK 86 International
£34.30bn raised since 1995
£10.3bn raised in 2006
AIM key statistics
OCTOBER 2006
AIM companies by market value
Distribution of companies by equity market value
197
242
370
229
183
114
511
145
23
0
50
100
150
200
250
300
350
400
Over1,000
500 -1,000
250 - 500100 - 25050 - 10025 - 5010 - 255 - 102 - 50 - 2
Market value range £m
Nu
mb
er o
f co
mp
anie
s
OCTOBER 2006
AIM total money raised 2006AIM total money raisedSep 2005 to Sep 2006
0
500
1000
1500
2000
2500
3000
Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06
To
tal m
on
ey r
ais
ed
(£m
)
Further money raised (£m)
Money raised at admission (£m)
OCTOBER 2006
Top 10 AIM sectors by market value and no of companies Aug 2006
-
2,000
4,000
6,000
8,000
10,000
12,000
Min
ing
Oil
& G
as
Pro
du
ce
rs
Ge
ne
ral
Fin
an
cia
l
Re
al E
sta
te
Tra
ve
l & L
eis
ure
Su
pp
ort
Se
rvic
es
So
ftw
are
&C
om
pu
ter
Se
rvic
es
Ind
us
tria
l Me
tals
Ph
arm
ac
eu
tic
als
&B
iote
ch
no
log
y
Me
dia
Ma
rke
t v
alu
e (
£m
)
-
50
100
150
200
250
No
of
co
mp
an
ies
Market value (£m)No of companies
AIM sectors
