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private equity firm； Charterhouse Capital Partners； paid ￡1。35 billion to
take control of the group and they pulled their IPO at the last minute。 The
acquisition was by way of a buyout； with Charterhouse taking an 80 per
cent stake and the management the remainder。 Charterhouse funded the
acquisition of Saga with ￡500 million of equity。 The remainder was funded
with debt； which it has since refinanced。
In January 2007； just three years later； the pany； then thought to be
worth between ￡2。5 billion and ￡3 billion； was again exploring its financing
strategy。 A sale or flotation could value the 20 per cent stake held by
staff and senior management at ￡500 million； with the 8 per cent stake of
Andrew Goodsell； Saga’s chief executive； worth about ￡200 million。 Mr
Goodsell stated； ‘We’ve smashed through all of our plans； repaid large
amounts of debt and ＇Charterhouse＇ has achieved what it wanted to
achieve。’ Once again stock…market flotation was on the cards； but a very
different opportunity emerged。 In June 2007 Permira and CVC； the two
private equity firms that owned the bulk of the AA； approached Saga’s
majority owner； Charterhouse； to ask it to consider a merger。 The result was
a ￡6。15bn surprise move that created one of the country’s largest privateequity…
backed panies。
Initial public offer （IPO） – criteria for getting a stock market listing
The rules vary from market to market but these are the conditions that are
likely to apply to get a pany listed on an exchange：
Finance 67
1。 Ge。。ing listed on a major stock exchange calls for a track record of making
substantial profits with decent seven…figure sums being made in the
year you plan to float； as this process is known。 A listing also calls for a
large proportion； usually at least 25 per cent； of the pany’s shares to
be put up for sale at the outset。 In addition； you would be expected to
have 100 shareholders now and be able to demonstrate that 100 more
will e on board as a result of the listing。
2。 As you draw up your flotation plan and timetable you should have the
following ma。。ers in mind：
– Advisers： You will need to be supported by a team which will include a
sponsor； stockbroker； reporting accountant and solicitor。 These should
be respected firms； active in flotation work and familiar with the
pany’s type of business。 You and your pany may be judged by
the pany you keep； so choose advisers of good repute and make
sure that the personalities work effectively together。 It is very unlikely
that a small local firm of accountants； however satisfactory； will be up
to this task。
– Sponsor： You will need to appoint a financial institution； usually a
merchant banker； to fill this important role。 If you do not already have
a merchant bank in mind； your accountant will offer guidance。 The job
of the sponsor is to coordinate and drive the project forward。
– Timetable： It is essential to have a timetable for the final months during
the run…up to a float – and to adhere to it。 The pany’s directors
and senior staff will be fully occupied in providing information and
a。。ending meetings。 They will have to delegate and there must be
sufficient backup support to ensure that the business does not suffer。
– Management team： A potential investor will want to be satisfied
that your pany is well managed； at board level and below。 It is
important to ensure succession； perhaps by offering key directors and
managers service agreements and share options。 It is wise to draw on
the experience of well…qualified non…executive directors。
– Accounts： The objective is to have a profit record which is rising but；
in achieving this； you will need to take into account directors’ remuneration；
pension contributions and the elimination of any expenditure
which might be acceptable in a privately owned pany but would
not be acceptable in a public pany； namely excessive perks such as
yachts； luxury cars； lavish expense accounts and holiday homes。
Accounts must be consolidated and audited to appropriate accounting
standards and the audit reports must not contain any major qualifications。
The auditors will need to be satisfied that there are proper
stock records and a consistent basis of valuing stock during the years
prior to flotation。 Accounts for the last three years will need to be
disclosed and the date of the last accounts must be within six months
of the issue。
68 The Thirty…Day MBA
AIM
London’s Alternative Investment Market （AIM） was formed in the mid…tolate
1990s specifically to provide risk capital for new rather than established
ventures。 AIM raised ￡15。7bn in 2007 – a 76 per cent leap from the previous
year – and a record number of panies floated on the exchange； bringing
the total to 1；634。
AIM is particularly a。。ractive to any dynamic pany of any size；
age or business sector that has rapid growth in mind。 The smallest firm
on AIM entered at under ￡1 million capitalization and the largest at over
￡500 million。 The formalities are minimal； but the costs of entry are high
and you must have a nominated adviser； such as a major accountancy
firm； stockbroker or banker。 The survey showed that costs of floating on
the junior market is around 6。5 per cent of all funds raised and panies
valued at less than ￡2m can expect to shell out a quarter of funds raised in
costs alone。 The market is regulated by the London Stock Exchange （
londonstockexchange 》 AIM）。
You can check out all the world stock markets from Australia to Zagreb
on Stock Exchanges World Wide Links （tdd。lt/slnews/Stock_
Exchanges/Stock。Exchanges。htm）； maintained by Aldas Kirvaitis of
Lithuania； and at World Wide Tax （worldwide…tax 》 World
Stock Exchanges）。 Once in the stock exchange website； almost all of which
have pages in English； look out for a term such as ‘Listing Center’； ‘Listing’
or ‘Rules’。 There you will find the latest criteria for floating a pany on
that particular exchange。
Share buyback
panies can buy back their shares； which reduces the number of shares
outstanding； giving each remaining shareholder a larger p