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GLOSSARY

Reporting accountants definition

Published by a LexisNexis Corporate expert

What does Reporting accountants mean?

A firm of accountants appointed by an issuer in connection with an IPO, introduction or secondary offer. The reporting accountants will undertake financial due diligence on the issuer, prepare a number of financial reports and provide comfort on certain financial information.

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How to carry out a verification exercise

How to carry out a verification exercise This short guide provides practical guidance on how to carry out a verification exercise on a prospectus or AIM admission document prepared in connection with the admission of a company’s shares to trading on the main market of the London Stock Exchange (Main Market) or to trading on AIM. This guide refers to verification of a prospectus and admission document. Other communications made by the company in the context of an IPO or secondary offer will also need to be verified, such as investor presentations and press announcements, although the information in these documents should in any case be consistent with the prospectus/admission document. For more information on verification, see Practice Note: Admission to AIM—due diligence and verification and for example verification notes, see Precedents: Skeleton verification notes—AIM and Skeleton verification notes—secondary offers. What is verification? Verification is an important but time consuming process which involves checking each statement made in a prospectus or admission document in order to protect those who have...

Legal and regulatory framework

Legal and regulatory framework The Panel on Takeovers and Mergers (Panel) This Practice Note is part of the Corporate toolkit for public company takeovers. It deals with the legal and regulatory issues that will need to be considered at the outset of a takeover. For a more detailed overview of the Panel and the regulatory framework for takeovers, see Practice Notes: The Panel and the regulatory framework of takeovers and Schemes of arrangement—nature and key statutory requirements. The takeover of a public company in the UK is regulated and supervised by the Panel, whose activities were placed on a statutory footing as a result of the implementation in the UK of the Takeover Directive. Chapter 1 of Part 28 of the Companies Act 2006 (CA 2006) sets out the Panel's statutory functions and powers, which include the power to make rules for the regulation of takeovers, mergers and other transactions that have or may have effect on the ownership or control of certain companies in the...

Discover our 16 Practice Notes on Reporting accountants

Working capital comfort letter—AIM

Working capital comfort letter—AIM [Print on letterhead of reporting accountants] The Directors [Insert name and address of issuer] and [Insert name and address of nominated adviser] [Insert date] Dear [insert text] [Insert name of issuer] (the Company): Application for admission to AIM—Working Capital We refer to the statement below (the Working Capital Statement) being made by the directors of the Company (the Directors) in the admission document of the Company dated [insert date] [(which is also a prospectus)] (the Admission Document) and the

Capitalisation and indebtedness letter—secondary offers

Capitalisation and indebtedness letter—secondary offers [Print on letterhead of reporting accountants] The Directors [Insert name and address of company] and [Insert name and address of sponsor] [Insert date] Dear [insert name] [Insert name of company] (the Company): [Placing AND/OR Open offer AND/OR Rights issue] of [insert number] [insert class] shares of [insert nominal value] each In accordance with the terms of our engagement letter dated [insert date] we have carried out the procedures set out below with regard to the statement of capitalisation and indebtedness of the [Company OR Company's group] (the Statement of Capitalisation and Indebtedness) included in the Company's prospectus to be dated

Dive into our 31 Precedents related to Reporting accountants

What might be 'good reasons' for group companies having different financial years (as provided for by section 390(5) of the Companies Act 2006)?

What might be 'good reasons' for group companies having different financial years (as provided for by section 390(5) of the Companies Act 2006)? Coterminous financial years for group companies clearly have practical advantages as regards preparing group accounts however there may be circumstances in which different financial years are unavoidable. Section 390(5) of the Companies Act 2006 (CA 2006) anticipates this. Examples of such circumstances might include an overseas group company with a financial year that is determined by law. Other examples however may arise in groups entirely comprised of domestic companies. Commentary: Chapter 3 A company's financial year: Buckley on the Companies Acts notes, in relation to CA 2006, s 390(5), that although it would appear efficient and attractive to groups to have coterminous accounting periods, this requirement may cause some difficulty, for example on a takeover, so the flexibility permitted is useful. Other examples might include circumstances where the normal trading cycle in certain

Who is responsible for the prospectus?

Who is responsible for the prospectus? Section 5.5 of the Prospectus Rules (PRs) sets out the persons who are responsible for a prospectus. Shares PR 5.5.3 states that the following persons are responsible for the prospectus and any supplementary prospectus relating to shares: • the issuer • the directors of the issuer when the prospectus or any supplementary prospectus is published • each person who has authorised himself or herself to be named, and is named, in the prospectus or any supplementary prospectus as directors or as having agreed to become a director (whether immediately or in the future) • each person who is a senior executive of any external management company of the issuer • each person who accepts, and has stated their acceptance of, responsibility in the prospectus or any supplementary prospectus for, or for any part of, the prospectus or supplementary prospectus, and • any other person who has authorised the contents of, or any part of, the prospectus or any supplementary prospectus (for...

See the 4 Q&As about Reporting accountants

Corporate weekly highlights—11 July 2019

This week’s edition of Corporate highlights includes the latest updates on Brexit, the FCA’s announcement of a delay to the launch of new issuer data submission requirements, the FRC’s publication of a new stewardship code, the CLLS response to ICSA’s consultation on the effectiveness of independent board evaluation in the UK listed sector and analysis of a High Court judgment dealing with matters relating to unfair prejudice, quasi-partnerships and reliance on facts unknown.

Corporate weekly highlights—2 May 2019

This week’s edition of Corporate highlights includes details of an FRC consultation on revisions to the Standards for Investment Reporting, which set requirements and provide guidance for reporting accountants carrying out engagements in UK investment circulars and a Companies Court case concerning applications for the sanction of two linked cross-border mergers of companies under the Companies (Cross-Border Mergers) Regulations 2007, SI 2007/2974.

Read the latest 2 News articles on Reporting accountants