Capital Markets

Specialist advice for AIM and Main Market companies
and businesses preparing for an IPO

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Companies admitted to a public market operate under heightened reporting, governance and regulatory requirements.

The reporting calendar is fixed, the standards expected by investors are exacting and the regulatory framework is unforgiving of error.

A listed company cannot afford an adviser who is learning the environment. The market and regulators quickly notice and the consequences of poor work are very public.

The advisers who serve listed companies well are the ones with substantive capital markets experience and offer a wide range of services under one roof.

Our capital markets team works with AIM-quoted and Main Market companies, with businesses preparing for admission and with companies considering taking on growth capital from public market investors.

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Related services

How we deliver capital markets advice process

Our team always begin by understanding the company’s reporting framework, its regulatory position and its planned activity.

We provide audit, statutory accounts, financial reporting under IFRS or FRS 101, transaction support and the substantive advisory work that listed companies require.

The team includes reporting accountants with experience of IPOs, fundraisings and other capital markets transactions.

The work runs alongside the company’s nominated adviser, sponsor, broker and legal advisers as part of the wider capital markets ecosystem.

Our expertise

  • Audits of AIM and Main Market companies
  • Statutory accounts under IFRS and FRS 101
  • Reporting accountant work on IPOs and secondary fundraisings
  • Financial Information Tables and working capital reports
  • Acquisition diligence for listed acquirers
  • Long form reports and short form reports for transactions
  • Class 1 and class 2 transaction support
  • Half-year reporting and year-end reporting
  • Corporate governance support and audit committee reporting
  • Listing rules and AIM rules technical support

Transaction support work, including reporting accountant duties on admissions and secondary issues, is a substantive part of our capital markets practice.

The deliverables include financial information tables, the working capital report, the long form report and the various confirmations the sponsor and the broker rely on.

The work is technical and procedurally demanding and is delivered by experienced, senior tax and accounting professionals with the relevant experience.

What you can expect from our capital markets team

Three things define how we work with capital markets clients:

Senior involvement throughout

Public company work is run by our senior experts. The partner is typically present at the board reporting, the audit committee, the substantive transaction work and the technical decisions that listed company reporting requires.

Co-ordinated with the wider advisory team

Listed companies are served by an ecosystem of advisers, including sponsors, brokers, legal advisers and the financial PR team. We co-ordinate with the wider team so the work runs efficiently and the company is not the integration point for separate parties.

Technical depth that holds up

Capital markets work has no margin for technical error. The audit, the financial reporting and the transaction deliverables all need to stand up to the scrutiny of the market and the regulator. We deliver to that standard as a matter of course.

Listed companies and IPO candidates work with us because they want a trusted guide through the capital markets environment – an adviser with substantive experience who co-ordinates the wider advisory team, runs the work to the standard the public markets require and is genuinely useful in the difficult conversations rather than just present in them.

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Why choose Macalvins?

Macalvins is a Top 100 UK accountancy firm and a member of PrimeGlobal, a network of around 300 independent firms across more than 80 countries.

That combination gives clients the depth and continuity of a Partner-led independent practice together with the international reach they increasingly need.

The result is advice that holds together across jurisdictions and that is already trusted by the markets.

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Frequently Asked Questions faq

Can you act as reporting accountant on an IPO?

Yes. Our reporting accountant team has acted on a number of admissions to AIM and the Main Market across a range of sectors. The work includes the historical financial information, the working capital report, the long form report, the financial position and prospects procedures report and the various confirmations the sponsor relies on. The team includes senior partners with substantive transaction experience.

We are considering moving from FRS 102 to IFRS ahead of a listing. Can you support that transition?

Yes. The transition involves substantive technical work on accounting policies, restated comparatives and the changes to financial statement presentation. We support the transition as a defined project with the timeline geared to the IPO process. The work is led by senior partners with IFRS experience.

Can you support our audit committee?

Yes. The audit committee chair and the wider committee benefit from clear communication of audit findings, key technical issues and the wider control environment. We deliver audit committee reporting that is meaningful to non-executive directors and we attend committee meetings to discuss the substantive issues directly.

Mr. Jackson
@mrjackson
Mr. Jackson
@mrjackson