CLEARING THE LEGAL HURDLES

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CLEARING THE LEGAL HURDLES
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DMH Stallard

• Experienced City Practice
• AIM specialists
• 28 Clients on AIM
• Acted on transactions for 30 listed companies in
  past 18 months
• 44 partners
• Office in London, Gatwick and Brighton

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Clearing the Legal Hurdles

• Some basic corporate structuring
• What might need to change before flotation
• The different requirements of the main market and
  AIM?
• The admission document and the process of
  flotation
• What happens next?

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Some basic corporate structuring

• Incorporation
• Public Company Status
• Share Capital
• Constitutional Documents

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What may need to change before flotation

• Management and employee arrangements
• Existing funding
• Share schemes
• Pension schemes
• Intellectual property
• Contracts

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The different requirements of the main market and
AIM

• Number of shares to be in public hands
• Trading record
• Vetting of admission documents
• Sponsors and Nominated Advisers
• Market Capitalisation
• Shareholder Approval

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The admission document and the process of
flotation

• Brokers/Placing Agreement
• Presentation
• Admission Document
• Activities and Prospects
• Directors responsibilities
• Accountants Report/Working Capital Statement
• Risk Factors
• Statutory and General Information
• Verification

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What happens next?

• General obligation of disclosure
• Reports and accounts
• Restrictions on dealing in shares/lock-in
• Substantial transactions
• Nominated Adviser
• Combined Code
• What happens if you break the rules!