JSE issues apology for the incorrect meta description on broker search

JSE Limited (“JSE) was alerted to an incorrect meta description automatically generated by search engines when searches relating to the JSE in relation to company information is performed. This resulted in the JSE’s awareness campaign relating to a cautionary pop-up on the JSE website regarding investment scams being displayed in search results.

The JSE has implemented technical measures to remedy the incorrect description.

We sincerely apologise for the error and in the event that you require any further information in respect of the remedial actions implemented or the JSE to clarify the incorrect search results, please contact [email protected].

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Course Oultine

The Corporate Finance has been designed to provide participants with a solid grounding on Corporate Finance theory and principles.

Introduction to Corporate Finance

Financial Statements

Overview of Corporate Financial Statements

  • Examination of Balance Sheet, Income Statement and Cashflow
  • Ratio analysis: Liquidity ratios (Stock Turnover, Debtor Days, Creditor Days), Profitability ratios (Gross and Net Margins), Safety Ratios (Gearing, Leverage, Interest Cover)
  • Critical look at EBITDA – how useful is it?
  • Creative Accounting

Overview of the Merger and Acquisitions landscape

Types of Mergers

  • Horizontal
  • Vertical
  • Conglomerate
  • Defensive

Why do most M&A transactions fail to deliver Shareholder Value?

  • Case Studies of failed acquisitions (Daimler/Chrysler, AOL/Time Warner)
  • Characteristics of failed mergers; Synergies not delivered, Overpayment, Culture Differences
  • Critical success factors for acquisitions

Process for acquiring a listed company o Scheme of Arrangement

  • Mandatory take over triggers
  • Premiums
  • Shares vs cash
  • JSE Regulations that govern acquisitions

Hostile Take Overs

    • What is a hostile take-over?
    • What makes a company vulnerable to a hostile take-over?
    • Evolution of hostile take-over from the 80’s to current times
    • Take Over Defences and strategies that can be employed by companies against a hostile take-over:
    • Poison Pills
    • White Knight/White Squire
    • Crown Jewel Lock Up
    • Golden Parachutes

Shareholder considerations in respect of defence measures to be employed

Company Valuation

  • What is the value of a company?
  • Break Up Value vs Going Concern
  • Market Valuation: p/e, market capitalisation
  • Valuation using other comparables
  • Similar Company comparables
  • Transaction Comparables
  • Net Asset Value (NAV) Valuation
  • Valuation using Discounted Cash flow method
  • Free Cash Flow – Deriving Free Cash Flow to Firm (FCFF)
  • Concept and calculation of Weighted Average Cost of Capital (WACC), The Capital Asset Pricing Model (CAPM)
  • Discounting: Calculating Primary period and Terminal Value cash flows
  • Enterprise Value vs. Equity Value

Instruments of Leveraged Finance – Loan Market:

  • Raising Debt: Syndications/Club Deals/ Bi-laterals
  • Senior Debt: Role and structure in leveraged transactions
  • Mezzanine Finance: Definition of, role in leveraged deals and Private Equity
  • PIK Debt: PIK Loans/PIK toggles. Role and structure in highly leveraged transactions
  • Loan Documentation: Covenants, Reps and Warranties, Cross Default/Cross Acceleration

Instruments of Leveraged Finance – Debt Capital Market:

  • High Yield Bonds: Issuing Process/Comparison with other forms of debt
  • Convertible Bonds: Issuing Considerations/Benefits and Drawbacks compared to other forms of Debt

Instruments of Leveraged Finance – Equity Market:

  • IPOs
  • Rights Issues
  • Accelerated Book Build (ABB)

Leveraged Acquisitions Finance:

  • Typical LBO capital Structure
  • Bridge Funding: Role in Acquisitions, Typical Structure
  • Private Equity principles / Importance of debt in enhancing PE returns
  • Determination of Debt Capacity
  • Debt structure and Scheduling
  • Refinancing Risk Assessment
  • Internal Rate of Return (IRR) in decision making

 Other Corporate Actions

  • Spin offs
  • Split offs
  • Equity Carve Outs

Date: 

  • 12 & 13 September 2024
  • 28 & 29 November 2024

Time: 09:00 - 16:00

Duration: 2 days

Cost: R11,960.00

 

 

Date: 29 - 30 November 2023
Time: 09:00 - 16:00 each day.
Cost: R 11,960.00 per delegate ex VAT
Venue:  Virtual
Facilitator: Frank Vein

 

CPD points and training certificates will be issued for the attendance at the training. 
                    
Please contact [email protected]​ to book. Please note that space is limited so please book as soon as possible in order to avoid disappointment.                 

If you would prefer a tailored training session to take place at your company premises please do not hesitate to let us know and we can tailor a training package to suit your requirements. 

Non-Endorsement

By using a service provider to offer the courses, the JSE does not directly or indirectly endorse any product or service provided, or to be provided by the service provider.

Training Booking Form
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JSE ACADEMY - Terms and Conditions

Confirmation of booking

On receipt of the registration form the JSE Academy will issue a written confirmation of the booking, including instructions; name, date and time of the course; general information about the course programme; details of the venue (including travel directions, map, parking arrangements) and any catering arrangements. It is your responsibility to contact the JSE Academy if you do not receive a written acknowledgement of the booking.

Payment

The course fees include all training documentation supplied by the JSE Academy, a division of JSE. Once your registration form has been received, the JSE Academy will issue you with an invoice for the course fees. Full payment of the course fees must be received by the JSE Academy within (five) days after receipt of such invoice and no later than 5 (five) working days before the course start date. If the course fees are not received by the JSE Academy by the stipulated date, your registration will be cancelled and you will REMAIN LIABLE FOR THE FULL AMOUNT OF THE COURSE FEES AND NO REFUNDS OR CREDITS WILL BE GIVEN. You confirm and acknowledge that the JSE Academy will commence appropriate legal proceedings to recover the full amount of the course fees and any legal costs incurred in relation thereto from you and/or the Company. The preceding wording limits and excludes obligations, liabilities and legal responsibilities of the JSE, and also limits and excludes your rights and remedies and places various risks, liabilities, obligations and legal responsibilities on you.

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You agree that all intellectual property rights held in all training documentation supplied by JSE to you in relation to the course is and shall remain the property of the JSE and any copying or distribution in any form of the course content and/or any training documentation is strictly prohibited. You shall not at any time, use the name, logo or trademark of the JSE without the written consent of the JSE.

Non-Endorsement

The JSE’s use of a service provider to offer any of the courses is not an indication that the JSE has endorsed the service provider and/or the courses and/or the content of such courses.