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to earn; share options at discounted prices; they too can participate in the 
capital gains you are making。 With a public share listing you can now join 
in the takeover and asset…stripping game。 When your share price is high 
and things are going well you can look out for weaker firms to gobble up 
– and all you have to do is to offer them more of your shares in return for 
theirs。 You do not even have to find real money。 But of course this is a twosided 
game and you also may now bee the target of a hostile bid。 
You may find that being in the public eye not only cramps your style but 
fills up your engagement diary too。 Most CEOs of public panies find 
that they have to spend up to a quarter of their time ‘in the City’ explaining 
their strategies; in the months preceding and the first years following their 
going public。 It is not unusual for so much management time to have been 
devoted to answering accountants’ and stockbrokers’ questions that there is 
not enough time to run the day…to…day business; and profits drop as a direct 
consequence。 
The City also creates its own ‘pressure’ both to seduce panies onto 
the market and then by expecting them to perform beyond any reasonable 
expectation。 There have been a number of high…profile examples of panies 
that have floated their shares on a stock market then changed their 
minds and withdrawn; buying out all outside shareholders。 The rationale 
for taking a pany private is that the buyer feels that they can run the 
pany be。。er without the need to justify their decisions to other shareholders; 
or the plex and burdensome regulations that public panies 
must ply with。
66 The Thirty…Day MBA 
The Saga saga 
The name that is synonymous with providing holidays exclusively for 
the over…50s is undoubtedly Saga’s。 The business; started in 1951 with the 
daunting name of ‘Old People’s Travel Bureau’; was an experiment by 
Folkestone hotelier Sidney De Haan。 He believed that older holidaymakers 
would appreciate a quieter off…season break by the sea; charging just £6。10s; 
including travel; full board and three excursions。 Over the next decade the 
pany chartered trains; planes and finally bought its own charter boat; 
the Saga Rose。 Along the way it launched a magazine; insurance business 
and a clutch of FM radio stations。 Over a third of the UK’s over…50s are on 
Saga’s database; which holds 7 million individuals of whom over 2 million 
actively buy from Saga each year。 By January 2007 the pany was making 
£158。2m in profits and employing 3;800 people worldwide。 
The pany’s financing history has been something of a rollercoaster。 
Initially financed using family money and bank debt; the firm was floated 
on the stock market in 1978。 Saga was not a hit with investors though; 
partly because of the weakening UK holiday market。 The De Haan family 
took the group private in 1990; buying out all the other investors。 By 2004 
the pany was preparing to go back onto the stock market when the 
private equity firm; Charterhouse Capital Partners; paid £1。35 billion to 
take control of the group and they pulled their IPO at the last minute。 The 
acquisition was by way of a buyout; with Charterhouse taking an 80 per 
cent stake and the management the remainder。 Charterhouse funded the 
acquisition of Saga with £500 million of equity。 The remainder was funded 
with debt; which it has since refinanced。 
In January 2007; just three years later; the pany; then thought to be 
worth between £2。5 billion and £3 billion; was again exploring its financing 
strategy。 A sale or flotation could value the 20 per cent stake held by 
staff and senior management at £500 million; with the 8 per cent stake of 
Andrew Goodsell; Saga’s chief executive; worth about £200 million。 Mr 
Goodsell stated; ‘We’ve smashed through all of our plans; repaid large 
amounts of debt and 'Charterhouse' has achieved what it wanted to 
achieve。’ Once again stock…market flotation was on the cards; but a very 
different opportunity emerged。 In June 2007 Permira and CVC; the two 
private equity firms that owned the bulk of the AA; approached Saga’s 
majority owner; Charterhouse; to ask it to consider a merger。 The result was 
a £6。15bn surprise move that created one of the country’s largest privateequity…
backed panies。 
Initial public offer (IPO) – criteria for getting a stock market listing 
The rules vary from market to market but these are the conditions that are 
likely to apply to get a pany listed on an exchange:
Finance 67 
1。 Ge。。ing listed on a major stock exchange calls for a track record of making 
substantial profits with decent seven…figure sums being made in the 
year you plan to float; as this process is known。 A listing also calls for a 
large proportion; usually at least 25 per cent; of the pany’s shares to 
be put up for sale at the outset。 In addition; you would be expected to 
have 100 shareholders now and be able to demonstrate that 100 more 
will e on board as a result of the listing。 
2。 As you draw up your flotation plan and timetable you should have the 
following ma。。ers in mind: 
– Advisers: You will need to be supported by a team which will include a 
sponsor; stockbroker; reporting accountant and solicitor。 These should 
be respected firms; active in flotation work and familiar with the 
pany’s type of business。 You and your pany may be judged by 
the pany you keep; so choose advisers of good repute and make 
sure that the personalities work effectively together。 It is very unlikely 
that a small local firm of accountants; however satisfactory; will be up 
to this task。 
– Sponsor: You will need to appoint a financial institution; usually a 
merchant banker; to fill this important role。 If you do not already have 
a merchant bank in mind; your accountant will offer guidance。 The job 
of the sponsor is to coordinate and drive the project forward。 
– Timetable: It is essential to have a timetable for the final months during 
the run…up to a float – and to adhere to it。 The pany’s directors 
and senior staff will be fully occupied in providing information and 
a。。ending meetings。 They will have to delegate and there must be 
sufficient backup support to ensure that the business does not suffer。 
– Management team: A potential investor will want to be satisfied 
that your pany is well managed; at board level and below。 It is 
important to ensure succession; perhaps by offering key directors and 
managers service agreements and share options。 It is wise to draw on 
the experience of well…qualified non…executive directors。 
– Accounts: The objective is to have a profit record which is rising but; 
in achieving this; you will need to take into account directors’ remuneration; 
pension contributions and the elimination of any expenditure 
which might be acceptable in a privately owned pany but would 
not be acceptable in a public pany; namely excessive perks such as 
yachts; luxury cars; lavish expense accounts and holiday homes。 
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 
o
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