Libra Partners was founded by David Myers in 2010 after twenty years of international executive management. As an independent consultant he offers clients board level leadership during IPO projects, helping to relieve the already hard pressed executive in charge by managing the process - its multiple work streams, parties and timetables.
David is a qualified accountant and accustomed to working in international, multi-cultural organisations. As well as IPO projects he has extensive corporate development experience with mergers and acquisitions, and strategic planning and marketing.
"Our float was a huge success and David was an integral part of the team that achieved it. Over the period he has worked for us he has gained the utmost respect from our staff, the board and our advisors."
Since becoming an independent consultant David has helped clients in IPO readiness and execution, transaction preparation in advance of trade sale, and financial planning for start up business. These services are discussed in more detail below.
Before beginning the IPO execution process there are a great many issues that need to be prepared. You’ll need to have a well-thought-out business plan and corporate structure, a compelling equity story supported by independent industry experts, appropriate governance, financial and IT systems in place.
All of this, of course, while continuing to run your day-to-day business against the stretching objectives that make an IPO attractive in the first place.
Having someone on your team with the knowledge and experience of these readiness steps before has a huge impact on the efficiency of the process, identifying problems early and reducing execution risk, while also minimising distraction to the management team.
Your listing will require orchestrating many key players; from existing shareholders, board members and management team; to a project team of bankers, lawyers, accountants, among others. We have a proven track record of working cohesively and effectively on both international and domestic IPOs. Acting as project manager to ensure smooth running of the process to ensure the deadlines are met and the IPO window is not missed. Our experience extends to all areas of the transaction such as; offer structure and valuation; prospectus drafting and diligence; accounting work streams such as IFRS conversion, working capital review, long form reports and financial processes and procedures report; analyst and investor presentations.
A successful IPO is just the beginning of the story. Once listed, your company will be under far greater public scrutiny than ever before, with a vastly expanded universe of stakeholders—and a significantly larger portfolio of new risks, and obligations, to manage. In practical terms the transformation into a public company begins well before IPO. You’ll need to be ready, to address the new requirements placed on the business around regulatory compliance, risk management, external reporting, and investor relations.Experience in this area includes development of company secretariat, establishing and running investor relations functions, producing the first Annual Report and Accounts as a plc, and rolling out employee share schemes.
On 26 Feb 15 Auto Trader announced its intention to list on the London Stock Exchange which is expected to occur in March 2015.
Auto Traders sits at the heart of the UK’s vehicle buying process and operates the UK’s largest digital automotive market place. Founded in 1977 today the Company is 100% digital with autotrader.co.uk being one of the busiest websites in the UK. The company is owned by Apax Partners, had FY14 revenues of £238 million, 57% operating margin and approximately 900 employees.
The requirement was to manage the going public process, meaning project managing the various IPO work streams. The engagement included involvement in a wide range of activities beyond project management including; development of management presentation, preparation of business plans and working capital models; prospectus drafting and verification; offer structure and corporate structuring.
On 26 Feb 14 AO World plc completed it successful initial public offering on the London Stock Exchange at a market capitalisation of £1.2 billion, with a fund raising of over £423m.
AO is the fast growing market leader in the UK online major domestic appliance market, devoted to providing an outstanding retail experience focused on each customer’s individual needs, delivered by a team of the very best people who truly care. The company controls its entire customer experience from online purchase through to delivery, with its price matching and same or next day delivery service being two of its major unique selling points.
The requirement was to manage the going public and being public process, meaning project managing the various IPO work streams, then to manage the transition from private company to public company by acting as company secretary.
The engagement included involvement in a wide range of activities beyond project management including; development of equity story and supporting materials; preparation of business plans and working capital models; prospectus drafting and verification. Post listing activities focused on establishing a company secretary and investor relations function, rolling out SAYE scheme, and producing the first AO World plc 2014 annual report.
Graff is synonymous with the most fabulous jewels in the world. As a vertically integrated diamond
company, its operations comprise the design, manufacture and retail distribution of high and ultra-high end jewellery and watches, and the sourcing, cutting and polishing of rough diamonds primarily for use in its retail operations.
In May 2012 shortly after the launch of its roadshow global stock markets deteriorated significantly leading Graff to postpone its proposed $1 billion fund raising on Hong Kong Stock Exchange at a price range that valued the Group at $3.2 - $4.0 billion.
The project was to manage the Hong Kong IPO process reporting to the CFO. The project involved re-organisation of group assets into those required to support the diamond retail business; the selection of global co-ordinator and joint book runner banks, financial PR and registrars and the recruitment of additional staff to support the project.
As the project progressed, among other things, the activities included development of business plans, the day to day aspects of working with reporting accountants, lawyers and bankers to achieve the on-time completion of the regulatory, legal and account components of the listing process, and the development of presentations for use in marketing Graff to potential investors.
AZ Electronic Materials is a leading global producer of high quality, high-purity specialty chemical materials for the fast growing electronics market. Its materials are widely used in integrated circuits and devices, flat panel displays and light-emitting diodes.
AZ has a global presence with a focus on Asia, the centre of the world’s electronics industry, and are a critical partner to the leading global electronics players because its chemical technology allows them to enhance existing processes and innovate new products.
AZ Electronic Materials S.A. floatation on the London Stock Exchange was the largest private equity floatation of 2010, launching with a market capitalisation of £1 billion, successfully raising US$300m for major shareholders The Carlyle Group and Vestar Capital Partners, and US$400m for the Company.
Libra Partners was engaged as Deputy FD to manage this complex project. The transition from private to public ownership involved corporate restructuring, overhaul of corporate governance documentation, recruitment of certain staff, selection of partners to assist with new requirements for financial PR, registrars, and annual reporting, development and roll out of long term incentive schemes, as well as the documentation associated with the transaction itself.
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