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The Role of the London Stock Exchange & UKLA in the IPO
process
Agenda
• Overview of the London Stock Exchange
• The admission process
• Questions
Overview
Because one size does not fit all, we offer a choice of markets
The Exchange’s flagship international market for established companies across all sectors.
The Exchange’s international market for smaller growing companies
The Exchange's market for specialist investment funds, targeting institutional, professional and highly knowledgeable investors
The Exchange’s market for wholesale issuers of debt and depositary receipts
Primary Listed Shares
(Secondary Listed) GDRs
Secondary Listed Shares
The Main Market L
eve
l of D
isclo
su
re
• Potentially eligible for the FTSE UK Series
•A wide variety of different securities are eligible
•The eligibility and ongoing obligations vary according to the type of securities a company chooses to issue
• A primary listing requires the company to meet the highest standards of regulation and disclosure in Europe
•Potentially eligible for the FTSE Russia IOB Index
Key Statistics
1,264 UK companies
£2,014bn market value
326 international companies £2,629bn market value
Total Main Market companies: 1,590
Total Main Market value: £4,644bn
Source: London Stock Exchange Statistics, August 2007
• 49 Companies – Russia (36), Kazakhstan (10), Ukraine (2), Georgia (1)
• 43 DR issuers, 6 Primary Share Listings
• In 2007, 12 CIS companies have raised over £9.6 billion in DR placings*
• 2 Transfers from AIM to Main Market - Imperial Energy and Aricom in 2007
• 10 GDR issuers included in RIOB Index
CIS Main Market – Key Data
*Note: Statistics include just the London piece of the IPO placing
IOB Trading Volumes 2002 –
2007CIS Companies have been driving growth on IOB
Source: London Stock Exchange Statistics, January 2008
45% 43%
85%
71%
61%56%
437
290
131114
85
55
0
50
100
150
200
250
300
350
400
450
500
2002 2003 2004 2005 2006 2007
IOB
Tra
din
g V
olu
me,
($b
l)
Non-CIS Trading Volume
CIS Trading Volume
There is a large base of market participants on IOB including a growing number of Russian member brokers (10)
The admission process
UKLA / London Stock Exchange responsibilitiesThe UKLA is a division of the UK financial regulator, the
Financial Services Authority, and is responsible for admitting securities to the Main Market
The London Stock Exchange is responsible for admitting securities to trading
Securities become officially listed on the London Stock Exchange
Main Market Admission Process
Advisers submit draft Listing Particulars
Board resolution & copy of prospectus
ApprovalDocument review
Trading ServicesPublication on New Issues List
UKLA
London Stock Exchange
Admission day
UKLA admits to Official List
Exchange admits to trading
Exchange issues single dealing notice to the market
QUESTIONS
Appendix
Key Statistics
1,572 companies, £3,843bn market value
1,693 companies, £91bn market value
A new addition to the London Stock Exchange offering, opened on 1 November 2007
31 GDR issuers, £6bn market value
105 debt issuers