Reclaiming Your VAT

Reclaim the VAT on your Euromoney Training Courses in the UK

Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.

Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to: euromoney@vatit.com  

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

RECLAIMING YOUR VAT WITH VAT IT

Course details

Dates are currently being finalised. Get in touch to find out more
Download course brochure

Initial Public Offerings (IPO) & Equity Capital Markets

Be prepared for the execution of a successful IPO, understand equity capital
  • Course Overview


    This programme is designed to enable participants to become proficient in their understanding of the IPO process. It covers a broad spectrum of topics which are designed to ensure that participants are equipped with the financial skills-set necessary to understand how IPOs are arranged, managed, priced and distributed.


    The course features:

    • Strategic considerations; flotation or sell
    • The due diligence process
    • Corporate restructuring steps pre-IPO
    • Selecting the right exchange for the floatation
    • IPO valuation
    • Multiple based valuation methodologies
    • Accounting scams
    • Marketing the IPO
    • IPO underwriting
    • IPO issues
    • Investor strategies in an IPO
    • Secondary offerings
    • New developments in IPO business

    The course provides participants with a working knowledge of the principles and practices of the launch of companies on an exchange by means of IPO. It ensures that participants acquire a sufficiently thorough understanding of the subject.

    Who should attend:


    • executives and managers
    • professionals in all functions
    • investment and commercial bankers
    • equity and fixed income investment managers
    • investment and analysts
    • credit analysts and credit controllers
    • treasury managers and staff
    • lawyers and newly-qualified accountants
    • company brokers and advisers.

  • Day 1: IPO preparation and planning


    Session 1 – The decision to float

    • Why float?
    • Exit strategies for existing shareholders
    • Strategic considerations: float or sell?
    • Evaluating the alternatives: the advantages and disadvantages
    • Pre-conditions to a flotation: not all companies are suitable
    • Selecting the market: AgBank dual listing
    • Selecting financial advisers
    • Investment bank conflicts


    Case study: US IPO failure


    Session 2 – The due diligence process

    • The objective of the due diligence exercise
    • The long form report
    • Legal due diligence
    • Investigation of the suitability of directors
    • Evaluating the competitive position
    • Accounting policies and window dressing


    Case study: Due diligence issues


    Session 3 – Restructuring and prospectus issues

    • Essential corporate restructuring steps pre-IPO
    • Selecting the appropriate capital structure
    • Organising the issuer to provide the resources
    • Timetable considerations
    • Prospectus responsibility – whose?
    • Listing requirements – selecting the right exchange for the flotation
    • Senior versus junior market (Main board v GEM)


    Case study: Review of senior and junior markets

    Session 4 – IPO documentation


    • Documents needed
    • Detailed timetable content for HK
    • Lock-up agreements
    • American depositary receipts (ADRs and Global DRs)
    • Prospectus responsibility – whose?


    Exercise: Review of key documentation: Rusal IPO


    Day 2: IPO valuation and marketing


    Session 1 – IPO valuation

    • Capital structure and its impact on value
    • Weighted average cost of capital (WACC)
    • Valuation using WACC
    • Capital asset pricing model (CAPM)


    Case study: Computation of cost of equity, cost of debt, WACC, regearing beta

    Session 2 – Using WACC

    • Preparing cash flows
    • The forecast and terminal value periods
    • Calculating cost of equity
    • Calculating WACC
    • Selecting beta

    Case study: Computing WACC and adjusting for differences in gearing

    Session 3 – IPO valuation based on WACC

    • Growth rates in the terminal value period
    • Common mistakes in WACC
    • Forecasting reinvestment
    • Return on invested capital
    • Pre-IPO research: Orange Telecom

    Case study: Spin off valuation using WACC

    Session 4 – Multiple based valuation methodologies

    • The price earnings ratio (PER)
    • Valuation using PER
    • Comparable company analysis
    • Theoretical background
    • Strengths and weaknesses
    • Alternative multiples
    • Ratios based on earnings before interest and tax (EBIT)


    Case study: IPO valuation using PERs and EBIT ratios: AZ, Asian chemicals company listing in London


    Day 3: Marketing and underwriting the IPO


    Session 1 – Valuation of special case companies

    • Valuation of companies with sales but no profits
    • Valuation of companies with no sales
    • Valuation of mining companies
    • Valuation of property companies
    • IPO bubbles


    Exercise: Participants value a series of non-standard IPOs

    Session 2 – Marketing the IPO

    • Book-building/placing as an issue method
    • Offers for sale as an issue method
    • Introductions
    • The role of the analyst
    • Roadshows and company visits
    • Preparing the management


    Case study: The overallotment option/Greenshoe

    Session 3 – IPO Underwriting

    • Hard and soft underwriting
    • The financial risk in underwriting
    • Underwriting as an option
    • Competition issues in fees charged
    • Underwriting in public offers


    Case study: Review of the underwriting risk in a book-built issue

    Session 4 – IPO abuses in the TMT boom

    • In-house financial analysis
    • Third party research
    • Bidding or indicating interest
    • Aftermarket orders – a possible abuse
    • Other abusive practices covered in the Global Settlement

    Case study: Recent developments in IPOs: the Open IPO and competitive tender

    Course summary and close
  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Serge Vidal

    • Having succesfully completed M&A and capital market transactions in excess of EUR 30 billion across multiple geographes, my courses are designed to elevate the participants' understanding of all aspects of M&A and reinforce learning with relevant, real-life case studies.

    Biography

    Serge is an experienced Corporate Finance professional with over 20 years’ experience in M&A and capital market transactions. He has successfully completed in excess of EUR 30 billion across multiple geographies (US, Europe, MENA).He began his career as a Credit Analyst at Banque Continentale in Luxembourg, before moving to the Investment Banking division at Citigroup (ex-Salomon Smith Barney) in London and New York where he worked on variety of M&A, LBO and debt offerings, mainly for financial services clients. He became Vice-President in the internal M&A department of Barclays Bank in London before moving on to a Directorship role at the Investment Banking division of Commercial International Bank (CIB), Egypt. Whilst there, he successfully completed several transactions including two sell-side M&A, one follow-on equity offering and a delisting. He worked extensively with leading sovereign wealth funds, private equity firms and prominent families in the Middle East.

Venue

London

The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.