Claiming Back Your VAT
All attendees of a London based course incur VAT as a part of the cost of attendance.
Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.
Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.
Claim the VAT that's rightfully yours in four simple steps:
1. Register your interest
2. Sign a few simple documents
3. VAT IT processes your claim
4. Receive your refund
Why choose VAT IT
VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
Can I claim back the VAT myself?
You can 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.
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.
Initial Public Offerings (IPO) & Equity Capital Markets
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
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
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.
IPO preparation and planning
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
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
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
- 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
IPO valuation and marketingIPO 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
- 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
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
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
Marketing and underwriting the IPO
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
Marketing the IPO
- Book-building/placing as an issue method
- Offers for sale as an issue method
- The role of the analyst
- Roadshows and company visits
- Preparing the management
Case study: The overallotment option/Greenshoe
- 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
- 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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
- 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.
BiographySerge 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.
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