Heart of the world s financial markets

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1 Heart of the world s financial markets NOVEMBER 2012 Agenda 1. Order Book for Retail Bonds 2. Why do companies float in London 3. What is a REIT 4. Key changes post Finance Bill Routes to Market Main Market AIM 6. Current opportunities/pipeline for REIT s 2 1

2 Order book for Retail Bonds (ORB) Launch of the new electronic Order book for Retail Bonds In February 2010, the London Stock Exchange launched its new electronic bond market for private investors the Order book for Retail Bonds (ORB) Key aims of ORB are to develop both an efficient, transparent secondary market in bonds for UK private investors and to establish a primary market for distribution of dedicated retail bonds opening up new sources of capital for companies seeking to diversify their funding 4 2

3 Investor Demand Increasing private investor focus on fixed income Seeking alternative asset classes given current low interest rates and recent equity market volatility Private investors using bond funds are keen to take more active role in managing their portfolio by selecting and trading individual bonds Trading in individual debt securities allows investors to select particular bond issues and tailor their portfolio Strong demand from UK private client brokers for greater access to retail bonds IMA Asset Management Survey 2010/11 Bond funds continued to do well in 2010 with 7.1bn of net sales 2009 saw highest ever inflow into bond funds, net total of 10.7bn This inflow driven almost entirely by private investors (90% of total) Corporate bonds were best-selling sector 5 ORB Dedicated Issues 6 3

4 Our infrastructure and experience makes us the world s premier listing choice London Stock Exchange provides global profile through wide dissemination of market information. Companies listed on our market enjoy high level of analyst research. PROFILE LIQUDITY INVESTORS Our platforms are designed to maximise liquidity for our issuers. We provide liquidity solutions for issuers from a wide range of sectors and sizes. The London investor and advisory community has a long standing tradition of investing in and advising international companies. Capital markets in London are deep and enable access to a diverse range of investors. Global Financial Centres index London s ranking 1st Editions 4-12 Sep 2008 Sep 2012 London is consistently ranked as the best financial centre to do business by The Global Financial Centres Index research conducted by Z/Yen. The research is provided for 77 centres and it draws on questionnaire and analysis of external indices. The latest report includes 26,180 financial centres assessments from 1,890 financial services professionals. The latest research was sponsored by Qatar Financial Centre Authority. 7 What is a REIT? The Real Estate Investment Trust (REIT) regime was introduced in the UK on 1 January 2007 An investment vehicle carrying on a property rental business (PRB) involving at least 3 properties Constituted as a UK company or group listed on a recognised stock exchange Tax implications Exempt from corporation tax on PRB profits and capital gains Required to distribute 90% of PRB profits HMRC approved vehicles 8 4

5 Key changes to encourage new REITs Finance Bill 2012 Reduce barriers to entry Encourage investment in UK REITs Permit admission to AIM and other equivalent markets REITs currently must be listed on a recognised stock exchange which includes LSE (Main Market) New alternative is that REITs can be admitted to trading on a recognised stock exchange, including AIM Abolish 2% entry charge Introduce a 3 year grace period to meet ownership requirements Relax ownership requirements for institutional investors 9 Choice of routes to market Commercial Companies equity shares and funds Commercial Companies all types of shares Main Market Depositary receipts OTHER Options, warrants, derivatives and fixed income Growth Companies Flexible route for DRs wishing to use domestic accounting standards Private equity, hedge funds, complex and single strategy funds (1) By number and mkt capitalisation of listed companies (2) by value of transacted shares Source: World Federation of Exchanges 5

6 The options for floating a REIT Main Market Trading companies (LR6) Three year track record, published/filed accounts Investment entities (LR15 & Prospectus Rules Annex XV) Often start-ups Investment managers must have adequate experience Key differences for investment entities Publish and adhere to an investment policy Announce any changes in risk profile Independence A majority of the board must not be employed by or connected with an investment manager or other entities managed by the same investment manager 11 London Stock Exchange REIT Sector Company Sector Sub Sector Mkt Cap m LAND SECURITIES GROUP PLC Real Estate Investment Trusts Industrial & Offices REITs 6, BRITISH LAND CO PLC Real Estate Investment Trusts Retail REITs 4, HAMMERSON PLC Real Estate Investment Trusts Retail REITs 3, CAPITAL SHOPPING CENTRES GROUP PLC Real Estate Investment Trusts Retail REITs 2, DERWENT LONDON PLC Real Estate Investment Trusts Industrial & Offices REITs 2, SEGRO PLC Real Estate Investment Trusts Industrial & Offices REITs 1, GREAT PORTLAND ESTATES PLC Real Estate Investment Trusts Industrial & Offices REITs 1, SHAFTESBURY PLC Real Estate Investment Trusts Retail REITs 1, LONDON & STAMFORD PROPERTY PLC Real Estate Investment Trusts Diversified REITs HANSTEEN HLDGS Real Estate Investment Trusts Industrial & Offices REITs BIG YELLOW GROUP Real Estate Investment Trusts Speciality REITs WORKSPACE GROUP PLC Real Estate Investment Trusts Industrial & Offices REITs PRIMARY HEALTH PROPERTIES Real Estate Investment Trusts Speciality REITs MUCKLOW(A.& J.)GROUP Real Estate Investment Trusts Industrial & Offices REITs METRIC PROPERTY INVESTMENTS PLC Real Estate Investment Trusts Retail REITs TOWN CENTRE SECURITIES Real Estate Investment Trusts Diversified REITs MCKAY SECURITIES Real Estate Investment Trusts Industrial & Offices REITs NEWRIVER RETAIL LTD Real Estate Investment Trusts Retail REITs LOCAL SHOPPING REIT PLC(THE) Real Estate Investment Trusts Retail REITs HIGHCROFT INVESTMENTS Real Estate Investment Trusts Diversified REITs WARNER ESTATE HLDGS PLC Real Estate Investment Trusts Industrial & Offices REITs 0.84 New River Retail is currently the only REIT quoted on AIM currently The Ground Rent Income Fund became the first new REIT to float post the changes in the Finance Bill 2012, via the Channel Islands Stock Exchange and admitting to trading on the London Stock Exchange. Primary Health Properties listed a 5.375%, 7 year bond on LSEG s Order Book for Retail Bonds in July 2012 raising 75m Source: London Stock Exchange Statistics October

7 A Premium Listing on the London Stock Exchange enables eligible companies to enter the FTSE UK series FTSE UK series is one of the world s most widely tracked family of indices FTSE UK Series is the only flagship index series of any major exchange to admit international companies Premium Listing on the London Stock Exchange enables issuers to get access to tracker funds Passive and active funds in London FTSE UK Index Series FTSE All share Index FTSE All-small Index FTSE All Sector Index FTSE Small Cap Index FTSE 100 FTSE 250 FTSE AIM the world s leading growth companies market AIM is the London Stock Exchange s market for smaller, growing companies. A platform for companies to raise capital (at admission and through further fundraisings) to help them realise their growth potential, within a tailored and balanced regulatory framework Provides an attractive exit route for earlier stage investors and enables them to recycle capital Supports companies beyond financing, by providing an attractive platform for them to increase their profile and visibility with key stakeholders Key AIM statistics Market cap profile Number of AIM companies - UK companies* - International companies Aggregate market value - Value of UK companies* - Value of international companies Total number of admissions - UK admissions* - International admissions Total capital raised - At admission - Through further issues Capital raised by UK companies* - At admission - Through further issues *by country of incorporation 1, bn 39.9 bn 18.9 bn 3,333 2, bn 35.2 bn 43.8 bn 55.7 bn 25.6 bn 30.1 bn Number of companies m Market value range m Source: London Stock Exchange trade statistics October 2012 Median market cap = 18.5m m m 2-5m 5-10m 10-25m 25-50m ,000m 7 Over 1,000m 14 7

8 Raising money on the world s leading growth market Admissions to AIM International UK AIM supports both UK and international companies seeking capital for growth YTD Money raised Further bn New bn and enables them to raise capital throughout their life on market YTD Source: London Stock Exchange trade statistics November Statistics are based on total number of companies admitted to AIM each year by incorporation 15 AIM s regulatory framework AIM s regulatory framework, controlled by LSEG & independent from an external competent authority, has been central to the success of the market as it has developed & adapted according to market conditions, issuer needs & investor demands. Entry criteria tailored for smaller, growing companies Nominated adviser (Nomad) appointed at admission & required at all times Admission document approved by Nomad and is not pre-vetted by Exchange or UKLA No prescriptive requirements on company size / trading history / free float, but a company must demonstrate its appropriateness to join a public market Disclosure based rules support company growth with shareholder approval required for the most fundamental transactions Compliance with the AIM Rules for Companies Ongoing requirements to facilitate growth and investor confidence AIM companies must disclose all price sensitive information in a timely manner Half yearly and annual report and accounts required All directors accept full responsibility, collectively and individually for complying with AIM Rules Restrictions on deals for directors and applicable employees on AIM securities during close periods UK Corporate Governance standards adopted by companies as best practice AIM companies must maintain a website displaying key investor information 16 8

9 Why choose AIM? The market of choice for smaller companies seeking access to international capital markets to maximise their growth potential Access to capital Balanced approach to regulation An internationally focussed, professional investor base with a deep understanding of SMEs Wide range of investors interested in SMEs including institutional and retail Ability to raise capital at admission and through further fundraisings A regulatory framework that provides local and international investors with confidence, while being accessible to companies Disclosure and reporting obligations tailored to growing companies Geographical reach and wide sector coverage Increased profile Small-mid cap network and aftermarket support Diversity of sectors, international and regional coverage Peer group comparison Increased awareness and marketability of stock Increased visibility with customers, suppliers, investors and other key stakeholder Access to UK small-mid cap network and expertise to help companies join AIM and support them once they are trading on the market Critical mass of advisers, analysts and investors with detailed sector expertise 17 Opportunities Social Housing Could provide the opportunity to raise new capital by putting property portfolios into a REIT and reinvestment in housing stock Offshore property companies provide an opportunity for off-shore property companies to move into a tax efficient on-shore structure without an entry cost and mitigate the risk of HMRC scrutiny if they remain off-shore Residential area of focus for the government which hopes that the new REIT regime will stimulate the residential sector and provide much needed liquidity into the market Student housing Investors could finance new build properties specifically for private rental tenure 18 9

10 Contact details Mark Fahy Head of UK SME s Mob: Disclaimer This document has been compiled by the London Stock Exchange plc. (the Exchange ). The Exchange has attempted to ensure that the information in this document is accurate, however the information is provided AS IS and on an AS AVAILABLE basis and may not be accurate or up to date. The Exchange does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the information in it. The Exchange is not responsible for any third party content which is set out in this document. No responsibility is accepted by or on behalf of the Exchange for any errors, omissions, or inaccurate information in the document. No action should be taken or omitted to be taken in reliance upon information in this document. The Exchange accepts no liability for the results of any action taken on the basis of the information in this document. All implied warranties, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, noninfringement, compatibility, security and accuracy are excluded by the Exchange to the extent that they may be excluded as a matter of law. Further, the Exchange does not warrant that the document is error free or that any defects will be corrected. To the extent permitted by applicable law, the Exchange expressly disclaims all liability howsoever arising whether in contract, tort (or deceit) or otherwise (including, but not limited to, liability for any negligent act or omissions) to any person in respect of any claims or losses of any nature, arising directly or indirectly from: (i) anything done or the consequences of anything done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of this document; and (ii) the use of any data or materials in this document. Information in this document is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. In particular information in the document does not constitute professional, financial or investment advice and must not be used as a basis for making investment decisions and is in no way intended, directly or indirectly, as an attempt to market or sell any type of financial instrument. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances. The contents of this document do not constitute an invitation to invest in shares of the Exchange, or constitute or form a part of any offer for the sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of it form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. London Stock Exchange and the London Stock Exchange coat of arms device are registered trade marks of London Stock Exchange plc. Other logos, organisations and company names referred to may be the trade marks of their respective owners. July 2012 London Stock Exchange plc. 10 Paternoster Square London EC4M 7LS Telephone +44 (0)

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