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  • 27 October 2014

    Private Equity Funds & Management Buyouts

    MBL Seminars Limited

    Manchester

    Course Level: Intermediate Introduction There is over $1 trillion of private equity funds waiting to be invested. But the larger deals are slow to be financed due to the current dearth in bank lending which provides the much-...

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  • 28 October 2014

    A Practical Guide to Venture Capital

    MBL Seminars Limited

    Manchester

    Course Level: Advanced Introduction Venture capital has financed many of the world's most successful corporations including Apple, Amazon, Intel and Starbucks. The very best VC funds consistently out-perform, though the avera...

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  • 30 October 2014

    Secondary Equity Offerings: Structure & Regulation Update

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This course looks at the way recent secondary equity offerings such as rights issues, open offers and placings have been undertaken on the London market and the regulations which apply to them. It also considers the advantages and disadvantages for the issuer of each type of offering.

    In the last few years, the challenging conditions have led to developments in the structures for secondary equity offerings, with increased use of deep discount rights issues and cash box placings as well as the emergence of compensatory open offers, cornerstone investors and new underwriting procedures. These structures are examined on the course together with the changes in listing and prospectus regulation which have accompanied them.

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  • 3 November 2014

    Valuing Early Stage and Start Up Companies and Sectors

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This advanced valuation and modelling course looks at the valuation approaches to be taken to enable participants to value sectors which may be at differing stages of development and growth profiles. Traditional valuation techniques assume a simple two or three stage growth profile and a terminal value or basic multiple based valuation tools. This course looks at some of the more difficult companies to value based on the underlying fundamentals of the sector in which the company operates.

    The course covers companies at the early growth and start up stage, which would cover sectors such as technology, biotechnology and any early funding stage business. The key challenges associated with such companies are discussed and the best valuation approach considered.

    As well as discussed some of the current issues with traditional cash flow and multiple based valuation approaches the course will cover more advanced valuation approaches. The course will also consider the role of risk assessment in the valuation process and how macro-economic analysis can affect the valuation approach taken.

    Examples are provided to illustrate each issue.

    Participants will be required to bring a laptop to the course.

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  • 3 November 2014 - 6 November 2014

    Advanced Equity Valuation Techniques

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This advanced valuation and modelling course looks at the valuation approaches to be taken to enable participants to value sectors which may be at differing stages of development and growth profiles.

    Traditional valuation techniques assume a simple two or three stage growth profile and a terminal value or basic multiple based valuation tools. This course looks at some of the more difficult companies to value based on the underlying fundamentals of the sector in which the company operates.

    The course firstly covers companies at the early growth and start up stage, which would cover sectors such as technology, biotechnology and any early funding stage business. The key challenges associated with such companies are discussed and the best valuation approach considered. Secondly more mature but rapidly growing companies are discussed, which, depending on the geographic location, may cover media, telecoms and pharmaceutical sectors.

    Thirdly cyclical and commodity companies are analysed to identify the issues with sectors such as resources, energy and chemicals companies and finally declining companies are considered where traditional valuation approaches become less relevant and a “wind down” approach may be applicable.

    As well as discussed some of the current issues with traditional cash flow and multiple based valuation approaches the course will cover more advanced valuation approaches such as decisions trees, simulations, scenario analysis and real option valuation.

    The course will also consider the role of risk assessment in the valuation process and how macro-economic analysis can affect the valuation approach taken.

    Examples are provided to illustrate each issue.

    Participants will be required to bring a laptop to the course.

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  • 4 November 2014

    Valuing Rapid Growth Companies and Sectors

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This advanced valuation and modelling course looks at the valuation approaches to be taken to enable participants to value sectors which may be at differing stages of development and growth profiles. Traditional valuation techniques assume a simple two or three stage growth profile and a terminal value or basic multiple based valuation tools. This course looks at some of the more difficult companies to value based on the underlying fundamentals of the sector in which the company operates.

    The course covers companies at the rapidly growing phase of development which, depending on the geographic location, may cover media, telecoms and pharmaceutical sectors. As well as discussed some of the current issues with traditional cash flow and multiple based valuation approaches the course will cover more advanced valuation approaches such as decisions trees, simulations, scenario analysis and real option valuation. The course will also consider the role of risk assessment in the valuation process and how macro-economic analysis can affect the valuation approach taken.

    Examples are provided to illustrate each issue.

    Participants will be required to bring a laptop to the course.

    View event details

  • 5 November 2014

    Valuing Cyclical Companies and Sectors

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This advanced valuation and modelling course looks at the valuation approaches to be taken to enable participants to value sectors which may be at differing stages of development and growth profiles. Traditional valuation techniques assume a simple two or three stage growth profile and a terminal value or basic multiple based valuation tools. This course looks at some of the more difficult companies to value based on the underlying fundamentals of the sector in which the company operates.

    The course covers cyclical and commodity companies, identifying the issues with sectors such as resources, energy and chemicals companies. As well as discussed some of the current issues with traditional cash flow and multiple based valuation approaches the course will cover more advanced valuation approaches. The course will also consider the role of risk assessment in the valuation process and how macro-economic analysis can affect the valuation approach taken.

    Examples are provided to illustrate each issue.

    Participants will be required to bring a laptop to the course.

    View event details

  • 6 November 2014

    Sale and Purchase Agreements – The Commercial Issues- Negotiating the contentious topics in SPAs

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    A simplistic view of an acquisition is that the actual price paid is paramount but experienced practitioners recognise that price is but one aspect of the deal and that there is the potential for significant value leakage in arriving at the actual price and also from claims arising after completion.

    The “price” paid may seem a simple concept but, in practice, requires an understanding of how this is derived. Most private acquisitions are based on a “cash-free, debt-free basis” with adjustments for working capital or net assets. Buyers typically develop an enterprise value which is then adjusted to derive an equity value by adjusting for cash, debt and working capital all of which needs to be captured in the Sale & Purchase Agreement (“SPA”).

    Negotiating and documenting these items is not as straightforward as one might expect; for example, does “cash” include “trapped cash”, what does debt include, what is wrong with using “average” working capital and how can parties minimise subsequent disputes? Additionally, the choice of the completion mechanism (completion accounts or locked box) creates further opportunity for further value transfer. Even after completion the seller may find further value erosion through claims arising under the warranties and indemnities.

    There is no right or wrong answer to many of these questions and the ultimate position will be dictated by the negotiating strength of the respective buyer and seller. Despite that, a sound grasp of the key commercial and legal issues can minimise value loss for parties.

    This programme focuses on transactions involving the purchase of shares but also covers areas of specific relevance to asset purchases. It provides a step by step template to the basics but also covers the critical legal and commercial aspects in the transaction from the perspective of both buyer and seller. Reference is made to recent or relevant leading cases.

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  • 6 November 2014

    Valuing Declining Companies and Sectors

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This advanced valuation and modelling course looks at the valuation approaches to be taken to enable participants to value sectors which may be at differing stages of development and growth profiles. Traditional valuation techniques assume a simple two or three stage growth profile and a terminal value or basic multiple based valuation tools. This course looks at some of the more difficult companies to value based on the underlying fundamentals of the sector in which the company operates.

    The course covers companies at the declining stage where traditional valuation approaches become less relevant and a “wind down” approach may be applicable. As well as discussed some of the current issues with traditional cash flow and multiple based valuation approaches the course will cover more advanced valuation approaches such as decisions trees, simulations, scenario analysis and real option valuation. The course will also consider the role of risk assessment in the valuation process and how macro-economic analysis can affect the valuation approach taken.

    Examples are provided to illustrate each issue.

    Participants will be required to bring a laptop to the course.

    View event details

  • 7 November 2014

    Financial Issues in Acquisition Agreements

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This course is designed to help participants understand and deal effectively with the financial issues arising from sale and purchase agreements. It will help them prepare for discussions and negotiations around working capital and completion accounts. Cash free debt free transactions, earn out agreements and the option to apply locked box provisions.

    The course will also consider some of the key current issues such as the impact of the transition to new UKGAAP from 2014, the new IFRS on revenue recognition and the full impact of fair value accounting on sale and purchase negotiations. The course will help participants to add value to the transaction.

    The course is designed to be highly practical and will include case studies that will reflect the actual sale and purchase process including the most common contentious areas.

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