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Advisers


Led and coordinated by the sponsor, the team of advisers plays a central role in the company’s flotation on the Main Market. The run-up to the flotation consists of a series of steps for companies and their advisers to follow. The Exchange works with advisers to make the process as smooth as possible.

The Main Market listing timetable counting down to admission can be broadly divided into two phases − pre-float preparation and the listing process itself. Click here to download the listing timetable. 

Regulatory issues
One of the advisers’ main functions is to interact with the regulators who monitor the listing process and safeguarded investors’ interests.

The UKLA, which is part of the Financial Conduct Authority (FCA), is the competent authority for listing in the UK and the regulatory body for UK listed companies. It is responsible for drawing up and monitoring the FCA Listing, Disclosure and Transparency and Prospectus Rules that companies must meet. The Exchange’s Admission and Disclosure Standards set out the admission requirements and continuing obligations for Main Market companies.


Interfacing with the market
To make a success of its flotation, the company also needs to persuade the investment community that its business is soundly managed in line with a robust business strategy, and that the management has the necessary skills and commitment to execute it. The advisers − especially the sponsor, broker and PR/IR company − play a key role in getting these messages across to the investment community

The Main Market listing timetable counting down to admission can be broadly divided into two phases − pre-float preparation and the listing process itself. 
 
Pre-float preparation (from 36 months before admission to 24 weeks) 

36 – 24 months

Develop a robust business plan and a detailed review of ownership and tax issues, customers/supplier contracts, management information systems and operational and compliance controls. 

24-12 months

The business educates itself on what a Main Market flotation involves, reviews its corporate governance, and completes any strategic initiatives or acquisitions.

12-6 months

Develop investor relations strategy and ensure the necessary financial statements and non-executive directors are in place. Decide on the method of flotation and interview potential advisers. 
 
The listing process (from 24 weeks before admission)

6-3 months

Appoint and instruct advisers and agree on the timetable. 

12-6 weeks

Company and its advisers review pricing issues, host analyst presentations and produce drafts of key documents − including the prospectus. 

6 weeks - 1 week

UKLA sees and approves all documents. The company and advisers complete their due diligence, hold PR meetings and analyst road shows. 
1 week - admission

The company makes its formal application for listing and admission. This is granted and trading begins. 

 

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