THE LEGAL ASPECTS OF PLUS ADMISSION

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THE LEGAL ASPECTS OF PLUS ADMISSION
Jonathan Wilde
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Background

• No specific suitability requirements
• PLUS Corporate Advisor
• Broker
• Methods of admission
• Benefits
• Individual Investors
• Legislation

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Main Legal Documentation

• Legal due diligence report
• Accountants long form report
• Placing agreement
• Working capital report
• Directors statement of responsibilities
• Issuer Admission Agreement
• Admission document
• Verification notes

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Main Legal Documentation
Main Legal Documentation

• Admission document
• Front End
• Risk warning
• Persons responsible for the Admission Document
  and advisers
• History and development
• Business overview
• Trend information
• Profit Forecasts and Estimate
• Administration and Management
• Interests of persons involved in the offer
• Reasons for the offer and use of proceeds
• Information concerning the securities to be
  offered
• Terms and conditions of the offer
• Share Options
• VCT/EIS eligibility

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Main Legal Documentation

• Admission document
• Risk factors

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Main Legal Documentation

• Admission document
• Financial Section

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Main Legal Documentation

• Admission document
• Back End
• - Incorporation and status of the
  company
• - Share capital and group structure
• - Summary of memorandum and articles of
  association
• - Details of directors and other
  shareholdings
• - Details of other directorships held
  and any skeletons
• - Details of directors remuneration and
  service contracts
• - Related Party transactions
• - Employees
• - Material contracts
• - Legal and Arbitration proceedings
• - Significant change in financial or
  trading position
• - Working capital statement
• - General

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Admission Process

• Preliminary housekeeping
• Process commences admission should be
• approximately 14 to 16 weeks from this point
• Financial and legal due diligence
• Placing agreement
• Back end of admission document and verification
  notes
• Front end of admission document and
  verification notes

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Admission Process

• Meeting of the directors/shareholders
  
  meeting/approval and agreement of all documents
• Admission document sent out
• 10 day provisional application for admission
• Admission Announcement
• Pre-admission meeting of directors
• Shares issued and admitted for trading

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Ongoing

• Companies Act 1985 2006
• PLUS Rules for Issuers
• Executive Directors
• Non-Executive Directors

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JONATHAN WILDE jonathan.wilde_at_coodes.co.uk T
el O1872 246 204