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Independent, experienced and effective advisers. N ABARRO W ELLS & C O . L IMITED. SADDLERS HOUSE GUTTER LANE LONDON EC2V 6HS TELEPHONE: +44 (0) 20 7710 7400 WEBSITE: www.nabarro-wells.co.uk REGISTERED IN ENGLAND NO. 1950025 MEMBER OF THE LONDON STOCK EXCHANGE

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independent experienced and effective advisers

Independent, experienced and effective advisers

NABARRO WELLS & CO. LIMITED

SADDLERS HOUSE GUTTER LANE LONDON EC2V 6HS

TELEPHONE: +44 (0) 20 7710 7400

WEBSITE: www.nabarro-wells.co.uk

REGISTERED IN ENGLAND NO. 1950025

MEMBER OF THE LONDON STOCK EXCHANGE

AUTHORISED & REGULATED BY THE FSA

slide2

The Attractions of AIM

  • A market that understands the needs of early stage companies
  • Access to a deep and liquid pool of equity capital at internationally competitive prices
  • Ability to use shares as currency for acquisitions
  • Ability to use options to incentivise management and staff
  • Internationally respected regulatory common sense standards, with a lighter touch
  • No shareholder approval for most acquisition/disposal activity
  • Potential tax benefits (inheritance tax, capital gains tax, VCTs)
  • Stepping stone for the Full List
appropriate companies
Experienced management team with focus, vision and integrity
  • Commercial: growth story with a focused business model
  • Established companies generating revenues and PBT
  • Well-developed, robust business plan
  • Balanced board, including non-executives prior to Admission
  • Good quality advisers: Lawyers (DMH), Reporting Accountants (Baker Tilly) and Brokers
  • Open honest communication: Teamwork, collaboration and accountability – this is a disclosure driven market

In essence, a company that is suitable and appropriate for AIM

Appropriate Companies
slide4

Responsibilities of an AIM Company and its Directors

  • Compliance with the 45 AIM Rules
  • ALL directors will be responsible for the Admission Document (including the working capital statement)
  • The Takeover code on a statutory footing since May 2006: treat shareholders equally and fairly
  • Combined code - good practice in principle
  • Balanced Board, including Independent non-executives – do not underestimate the length of time to appoint them
  • Highest ethical standards – AIM companies represent AIM!
  • All matters post-IPO: consult with the Nomad
slide5

Role of the Nomad

  • Nomad will be an experienced corporate financier and approved by LSE
  • Company must appoint and retain a Nomad at all times
  • Nomad will advise on suitability for Admission to AIM
  • Nomad will confirm the company’s compliance with AIM Rules
      • On Admission
      • On ongoing basis
  • Nomad is the company’s point of contact with the Exchange
  • The company may be the Nomad’s client, but he also acts as a regulator!
slide6

Costs associated with an AIM listing

  • Brokers (+ sometimes fixed fee) 4-6% of funds raised
  • Company’s legal fees £80-100k
  • NOMAD corporate finance fees £125-150k
  • Nomad/Broker’s legal fees £30-40k
  • Reporting Accountant fees £80-100k
  • Technical Consultants £15-30k
  • Others inc. Printers, Registrars, AIM £20k
  • Total fees (exc broker commission) £350-440k
    • All depend on the complexity of the “issuer” (the company)
    • Other advisers may include PR team
    • Ongoing costs for NOMAD, Broker, PR team
slide7

Timetable (4+ months)

  • Planning, appointing advisers and non-executives, preferably for a balanced board, & concluding restructuring (if needed, inc. tax)
  • Due diligence: reporting accountants and lawyers (& possibly technical specialists)
  • Drafting the Admission Document
  • Verifying facts & statements in Admission Document and presentation
  • Marketing to investors (mainly institutions)
  • Completion, filing of documents with AIM
  • 2-4 weeks
  • 4-6 weeks+
  • 4-6 weeks+
  • <1 week
  • 2 weeks+
  • 1 week
conclusion
Vision and Integrity
  • Marketable growth story and a strong commercial team
  • Use good quality advisers and Non-execs
  • This is the best, most active, liquid market for junior companies in the World

David Nabarro – Managing Director

Conclusion
nabarro wells as nominated adviser
One of the largest independent NOMADs measured by retained clients on AIM
  • Recognised for quality and independence
    • Regularly advise on M&A & IPOs
    • Focus on corporate clients not the institutions
  • 8 directors with a powerful blend of Banking, Broking and Stock Exchange experience, with on average 10 years’ experience each
  • Champion of small and medium-sized companies wanting to grow and access equity capital
  • Deal size: We rarely act for a start up venture
Nabarro Wells as Nominated adviser
david nabarro

David founded Nabarro Wells in 1990. Previously, he was a partner in the stockbroking firm, Laurie Milbank and later an executive director of Prudential Bache Capital Funding, when between 1983 and 1990 he managed a discretionary UK equity portfolio for George Soros’ Quantum Fund.

David has been active as an adviser to a number of public and private companies and instrumental in initiating and advising on numerous substantial private equity transactions.

Throughout the late 1990’s, as AIM became increasingly popular to small, mid-sized and even large businesses, David steered Nabarro Wells into being one of the leading independent Nominated Advisers for AIM today.

Email: [email protected] telephone number: +44 20 7710 7409

David Nabarro
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