15 Choosing your underwriters & sponsors Questions for underwriters & sponsors 1. What is the profile of your typical deal? What sector is it in? What is its investment stage and size? 2. What is your experience in dealing with a company like mine? 3. What is your role in the listing process versus that of the Exchanges? 4. How do you deal with conflicts of interest? 5. How receptive is the market currently to this type and size of deal? 6. How should my company’s IPO/listing be positioned in order to appeal to a broader base of investors? How will your firm market my stock? 7. What is a realistic timeline for the listing process and how does it differ between IPOs and RTOs? 8. Can you effectively demonstrate your research leadership for this industry or sector? Choosing your securities lawyer Securities lawyers work with your company to prepare it for a public offering. During the listing process, the securities lawyer works with the broker and the external auditor to ensure the listing documents are accurate and meet all regulatory requirements. It is important to choose a firm with extensive experience in listing public companies of a comparable size, at a similar stage of development and in the same industry as yours. Questions for securities lawyers 1. Are you familiar with this industry, this sector and our company? 2. Can you provide a list of recent relevant deals? 3. Do you have other commitments that would limit the time and resources you could devote to our listing? Choosing your external auditor An external auditor performs important tasks during the listing process, including performing attestation engagements on the financial disclosure in the listing documents as required by securities legislation. It is important to choose a firm with extensive experience in bringing public companies of a comparable size, at a similar stage of development and in the same industry as yours. Additionally, you will need to make sure that the auditor you choose is a participant in the Canadian Public Accountability Board (CPAB) ’s oversight program: this is a requirement for any firm that audits a public company. Questions for external auditors 1. Is your firm authorized to perform audits of public companies? Is it CPAB approved? 2. What other TSX- or TSXV-listed companies do you audit? 3. Does your firm foresee any financial statement issues related to my company going public? Selecting your investor relations professional An investor relations (IR) professional increases public awareness of the company through communication activities directed at existing and prospective shareholders. The IR function can be filled by a firm, an employee or a contractor. Specific responsibilities include keeping shareholders informed, producing annual / quarterly reports and arranging the annual general meeting. Team effort Your company will need the services of experienced securities professionals during the listing process.
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