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Post IPO

Post IPO Support

Your IPO is only the beginning of the next stage of your company’s development and CFPro can continue to support you post IPO, and transition to life as a public company.

Once a public company, the company will be under far greater public scrutiny than before, with an expanded universe of stakeholders—and a larger portfolio of new risks and obligations to manage. Whichever market you are on, you are required to have sufficient procedures, controls and resources to comply with the regulations.

Comparison of Continuing Obligations across the London Stock Exchange’s markets

London Stock Exchange Main Market
AIM
Premium
Standard
High Growth Segment
Adviser
Sponsors needed for certain transactions.
No sponsor requirement.
No Sponsor requirement for transactions – issuer is required to seek advice of the Key Adviser for certain key events.
Nominated adviser & broker must be retained at all times.
Annual report and accounts
Annual audited financial report required no later than 4 months after year end.
Annual audited financial report required no later than 4 months after year end.
Annual audited financial report required no later than 4 months after year end.
Annual audited financial report required no later than 6 months after year end.
Interim accounts
Half year report required no later than 3 months after period end containing condensed financial statements, including condensed balance sheet, condensed profit and loss account and explanatory notes.
Half year report required no later than 3 months after period end containing condensed financial statements, including condensed balance sheet, condensed profit and loss account and explanatory notes.
Prospectus to FCA; Eligibility letter to London Stock Exchange.
Half year report required within 3 months after period end detailing balance sheet, profit and loss account and cash flow statement in same format as annual accounts, with comparatives (unaudited).
Significant transactions
Shareholder approval, a circular and appointment of a Sponsor are required for significant transactions exceeding 25% of any class tests. FCA approval of circular required ahead of publication.
Shareholder approval only required for reverse takeovers.
Shareholder approval only required for reverse takeovers.

Announcement is required for notifiable transactions exceeding 25% of any of the class tests.
Reverse takeovers require re-admission to AIM including publication of an admission document and shareholder approval.

Disposals in a 12 month period exceeding 75% in any of the class tests set out in the AIM Rules require publication of a circular and shareholder approval.

An announcement is required for substantial transactions exceeding 10% of any of the class tests and outside the ordinary course of business.
Related party transactions
Shareholder approval, a circular and appointment of a Sponsor is required for related party transactions exceeding 5% of any class tests. FCA approval of circular required ahead of publication.

Announcement is required for significant transactions such as acquisitions and disposals, exceeding 5% of any class tests.
No related party transaction or share buyback disclosure approval requirement at time of transaction.
Announcement is required for related party transactions exceeding 5% of any of the class tests.
Announcement is required for related party transactions exceeding 5% of any of the class tests.
Corporate Governance
‘Comply or Explain’ disclosures in accordance with UK Corporate Governance Code.
Compliance with certain corporate governance statements.
Compliance with certain corporate governance statements.
Details of a recognised corporate governance code that the directors of the AIM company have decided to apply, how the AIM company applies with that code, and where it departs from its chosen corporate governance code, an explanation of the reasons for doing so. The information is to be updated annually and the date it was last reviewed included on the company’s website.
Shareholder visibility
Shareholdings of Directors, Significant and Substantial Shareholders to be disclosed.
Shareholdings of Directors, Significant and Substantial Shareholders to be disclosed.
Shareholdings of Directors, Significant and Substantial Shareholders to be disclosed.
Shareholdings of Directors, Significant and Substantial Shareholders to be disclosed.
Cancellation
Cancellation requires 75% shareholder approval.
Cancellation does not require shareholder approval.
Cancellation requires 75% shareholder approval unless cancelling to transfer to Premium.
Cancellation requires 75% shareholder approval.

How can we help?

Financial accounting & reporting

CFPro can help ease the regulatory and compliance burden with services including:

Our team has supported a diverse range of companies, both Main Market listed and AIM quoted with the preparation of IFRS statutory statements and interim results from preparation through to audit completion. Our technical knowledge and experience ensures the latest IFRS requirements and reporting standards are achieved

  • CFPro's team provides additional bandwidth to support the CFPro and finance team in achieving a successful transaction as well as operating 'business as usual'. Services include:
    • Financial modelling
    • Valuation services
    • Due diligence support

We can provide high-quality accountants on a flexible interim basis who work as part of your team from the day they start. Services could include bookkeeping, preparation of management accounts, preparation of interim and annual statutory accounts. preparation of reconciliations and audit support.

Working as a partner within your business and enabling more efficient, productive access to critical data and information, we provide impartial and relevant advice to help you:

  • Ensure your information is current. accurate and secure:
  • Adopt an innovative approach to keeping your entire business connected — giving you the freedom you need to remain agile. and using critical data to drive strategic decisions: and
  • Uncover hidden revenue opportunities and potential risk factors that may hinder any strategic plans.

When it comes to integrating financial systems into your teams. our team has extensive experience of working with a range of technologies and solutions that suit the demands of high growth businesses.

Company Secretarial

As a public company, it is a legal obligation to have a qualified officer to fulfil the role of Company Secretary and it is essential that consideration is given to this appointment as they play a pivotal role of supporting the Board of directors.

At a high level, the role of the company secretary is to ensure the company meets both statutory and regulatory compliance requirements by attending board and shareholder meetings, providing Board and committee support and company filings.

CFPro’s flexible company secretarial services include the provision of part time or interim company secretary resource, ensuring board compliance with the requirements of the Companies Act, MAR (Market Abuse Regulation), Listing Rules or AIM Rules, Disclosure & Transparency Rules, together with administration support for the Board to ensure adherence to key processes and timings required by public companies.

For further information on CFPro’s corporate governance services, please contact us.

Our other corporate governance services include:

Prepare for life as a public company

As businesses look towards the public markets, instilling a culture of financial discipline, reporting and corporate governance is key. Please contact us for further information on how CFPro can help you.