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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 percentage ownership 
of the pany。 This is usually considered a sign that the pany’s 
management believes its share price is undervalued。 Other reasons for 
buybacks include pu。。ing unused cash to use; raising earnings per share 
and obtaining stock for employee stock option plans or pension plans。 
HYBRIDS 
A number of financing methods straddle the debt and equity boundary。 
These try to mitigate taking a bit more risk for the potential of a bit more 
return than would be usual with debt financing。 But they also limit the 
upside that might be expected from pure equity; which would retain all of 
any increase in value from the outset: 
。 Convertible preference shares operate like preference shares; in that 
their holders rank before ordinary shareholders for dividend payment; 
Finance 69 
or return of funds in the case of failure。 They also have the option; at 
some specified date in the future; to convert to ordinary shares and so 
enjoy all of any increase in value。 
。 Mezzanine finance has one or all of these characteristics: It ranks a。。er 
other forms of debt; but before equity; for any payout in the event of a 
business failing; it pays higher; o。。en significantly higher; interest than 
other debt; it can be held for up to 10 years; it can be converted into 
ordinary shares。 It is popular with VCs for management buyouts。 
Grants 
Government agencies at both national and local government level as well 
as some extra…governmental bodies such as the EU offer grants; effectively 
free or nearly free money in return for certain behaviour。 It may be to encourage 
research into a particular field; stimulate innovation or employment or 
to persuade a pany to locate in a particular area。 Grants are constantly 
being introduced (and withdrawn); but there is no system that lets you 
know automatically。 You have to keep yourself informed。 
Business Link (businesslink。gov。uk 》 Finance and grants 》 Grants 
and government support) has advice on how to apply for a grant as well 
as a directory of grants on offer。 Microso。。 Small Business Centre ( 
microso。。/uk/businesscentral/euga/home。aspx) has a European Union 
Grant Advisor with a search facility to help you find which of the 6;000 
grants on offer might suit your business needs。 Grants。Gov (grants。 
gov) is a guide to how to apply for over 1;000 federal government grants in 
the United States。 
COST OF CAPITAL 
A business needs to keep track of how much it is paying for the capital it 
uses; as that is the minimum hurdle rate for any investment it may make。 
Also; it needs to be aware that if new money being raised is more costly 
than that already in the business; it will only be profitable if it raises the 
hurdle rate for new projects accordingly。 
Cost of debt 
This can be very straightforward。 If a pany takes out a bank loan at a 
fixed rate of interest of say; 8 per cent; then this is the cost before any tax 
relief。 Taking tax relief at 40 per cent into account; the net cost of debt es 
down to 4。8 per cent。 In the case of a public offer for bonds or debentures; 
the rate of interest which has to be paid on new loans to get them taken up 
by investors at par can be regarded as the cost of borrowed capital。
70 The Thirty…Day MBA 
Cost of equity 
Put simply; the cost of equity is the return shareholders expect the pany 
to earn on their money。 It is their estimation; o。。en not scientifically 
calculated; of the rate of return that will be obtained both from future 
dividends and an increased share value。 
Dividend valuation model 
One approach to finding the cost of equity is to take the current gross 
dividend yield for a pany and add the expected annual growth。 
Example 
For example; XYZ plc has forecast payment of a gross equivalent dividend 
of 10p on each ordinary share in the ing year。 The pany’s shares 
are quoted on the Stock Exchange and currently trade at £2。00。 Growth of 
profits and dividends has averaged 15 per cent over the past few years。 The 
cost of equity for XYZ plc can be calculated as: 
Cost of equity capital = Current dividend (gross) % + Growth rate % 
Current market price = (£0。10 × 100) % + 15% = 20% = £2 
With this method; dividends are assumed to grow in the future at the 
constant rate achieved by averaging the last few years’ performance。 
Capital asset pricing model (CAPM) 
Before turning to the next method; we need to clarify some aspects of risk。 
There are two broad types of risk: 
。 Specific risk: This applies to one particular business。 It includes; for 
example; the risk of losing the chief executive; the risk of someone else 
bringing out a similar or be。。er product; or the risk of labour problems。 
Shareholders are expected not to want pensation for this type of 
risk as it can be diversified away by holding a sufficient number of 
investments in their portfolios。 
。 Systematic risk: This derives from global or macroeconomic events 
that can damage all investments to some extent and therefore holders 
require pensation for this risk to their wealth。 This pensation 
takes the form of a higher required rate of return。 
A slightly more plicated approach to the cost of equity tries to take the 
systematic risk element into account。 It is known as the capital asset pricing 
model or CAPM for short。 Put simply; CAPM states that investors’ required 
rate of return on a share is posed of two parts: a risk…free rate similar 
Finance 71 
to that obtainable on a risk…free investment in short…term government 
securities; and an additional premium to pensate for the systematic 
risk involved in investing in shares。 
This systematic risk for a pany’s shares is measured by the size of its 
beta factor。 A beta the size of 1。0 for a pany means that its shares have 
the same systematic risk as the average for the whole market。 If the beta is 
1。4 then systematic risk for the share is 40 per cent higher than the market 
average。 A pany’s share beta is applied to the market premium that is 
obtained from the excess of the return on a ma

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