Aquis Corporate Advisers play a pivotal role in upholding the reputation and integrity of the Aquis Growth market. Their primary responsibility lies in critically assessing the suitability of issuers, their directors, and founding shareholders for admission to the market. By conducting due diligence, Corporate Advisers ultimately ensure that applicants meet the necessary standards and disclosure requirements.
Overseeing Due Diligence
Corporate Advisers shoulder the responsibility of overseeing the due diligence process. This includes ensuring that the appropriate professional firms conduct financial and legal due diligence. If necessary, the due diligence should be tailored to the specific risks posed by the applicant. They review and assess the scope of due diligence and take action to remedy any identified issues.
Legal Verification of Key Statements
Corporate Advisers must ensure that suitable professional advisers have legally verified any key statements presented in an applicant’s prospectus or admission document for the purpose of accuracy, completeness, relevance, and fairness.
Reviewing Financial Systems and Controls
The Corporate Adviser’s responsible for reviewing and critically assessing the accountants’ reports and adviser comfort letters to ensure that professional advisers have conducted appropriate reviews of the working capital and financial reporting systems and controls.
Fast Track Applicants
For fast-track applicants, Corporate Advisers may consider limited due diligence to be sufficient, given that these applicants already trade on a market with standards corresponding to the Aquis Growth Market. However, due diligence should still be tailored to the applicant’s specific situation.
Due Diligence on Directors
Corporate Advisers must conduct concise due diligence on directors, substantial shareholders, or individuals with significant influence or control over the applicant’s business. This applies to scenarios such as admission processes, takeovers, and new director appointments.
Assessing Director Suitability
When assessing the suitability of a director, Corporate Advisers must exercise reasonable judgement and consider the efficacy of the board as a whole, given the applicant’s specific needs and the fact that it will be admitted to a UK-based, English-language public market.
Utilizing Diverse Sources
Corporate Advisers are expected to use a wide range of sources for due diligence and conduct investigations to mitigate concerns. They should also consider commissioning third-party reports, particularly for overseas directors, and extend these investigations as appropriate to key managers and personnel named in the prospectus.
Disciplinary Actions and Criminal Convictions
Corporate Advisers must identify whether any Relevant Individuals (directors, proposed directors, substantial shareholders) have faced disciplinary action by government, or regulatory bodies, or have criminal convictions. Serious offences, such as fraud, are particularly relevant, and any such information must be disclosed to the Aquis Regulation Team.
Handling Speculation and Allegations
When dealing with speculation, intelligence, or allegations without convictions or sanctions, Corporate Advisers must assess the reliability of the source, the likelihood of public action, and the relevance of the allegation to investors’ interests.
Multiple Bankruptcies and Insolvencies
Directors or proposed directors with a history of multiple bankruptcies or involvement in insolvent companies due to recklessness, negligence, incompetence, or misconduct are unlikely to be considered suitable.
Aquis Corporate Advisers play an essential role in ensuring the suitability and integrity of applicants for the Aquis Growth market. Their responsibilities encompass a comprehensive due diligence process, a thorough assessment of directors and a diligent evaluation of all relevant information. By adhering to these roles and responsibilities, Corporate Advisers contribute significantly to maintaining the high standards of the Aquis market.
Ten Intelligence Thoughts
Ten Intelligence offers valuable support to Aquis Corporate Advisers in the due diligence process, enhancing market confidence and integrity. We provide comprehensive due diligence oversight, ensuring accuracy and legitimacy in critical documentation. Ten Intelligence meticulously assesses directors and key individuals, enabling Corporate Advisers to evaluate director suitability against Aquis standards. We can also leverage third-party insights, including for overseas directors, providing global perspectives to aid informed decision-making.
Partnering with Ten Intelligence elevates the capabilities of Aquis Corporate Advisers, upholding the market’s reputation for integrity and credibility. This collaboration safeguards the interests of investors and stakeholders while promoting Aquis’s continued success.
Daniel Wilkes | Associate at TenIntelligence