[...]... towards a better understanding of the issues involved Jonathan Reuvid London, December 2001 Part One The Corporate Finance Environment 1.1 Strategic Considerations – Making the Right Choice Shiju Varghese Managing Director, Strategic Development and Corporate Finance, Tenon Corporate Transactions The nature of corporate finance Corporate finance is the broad heading given to the process of transacting and... process Sadly, the planning process in many companies all too often concentrates on the possible up-side only Another very current example is the position in which many companies that went public in the last few years on the crest of the bull market wave now find themselves With the decline in the 6 The Corporate Finance Environment markets, many of those companies are finding that their listing is... factoring, guarantees, asset and trade finance, and bond issues Providers of capital, whether debt or equity, will expect to make a return on the funds provided, with the level of return expected linked to the perceived risk attached to either the entity receiving the funds or the project for which the funds are earmarked The providers of finance can be shareholders in the business, both pre-existing and... have generated The principal sponsors and authors of The Corporate Finance Handbook are three leading firms of professional advisers who are engaged in providing services to corporate clients at all stages in the development of their external financing KPMG Corporate Finance has contributed chapters on key topics in each of the private equity, public equity and M&A sections of the book The Tenon Group... markets 8 The Corporate Finance Environment These investigations and the self-questioning process will enable the board and its advisers to formulate a strategic plan for, typically, the next five years ahead The strategic plan becomes the framework within which the company will develop its more detailed business plans and the financing plan with a choice of financial instruments Inevitably, the process... edition, the SBS has provided details of the initiatives it is taking forward in the area of SME finance Alongside its well-established national programmes, such as the Small Firms Loan Guarantee Scheme and the Smart scheme, the SBS has created a UK High Technology Fund and Regional Venture Capital Funds – the latter should start making investments in growth businesses in the regions later in the year The. .. by telephone on 020 7448 8104 TMG Corporate Finance David Houghton is a director at TMG Corporate Finance, based in Manchester TMG specialises in the owner-managed business sector, advising on all corporate finance matters including M&As, MBOs, MBIs and development funding assignments Introduction This third edition of The Corporate Finance Handbook is intended for the directors and owners of businesses... advisers, they should be able to add real value to the process by not only advising their clients on the best options, but also by negotiating the best terms, particularly on price and flexibility, whether the deal involves buying or selling, debt or equity In addition to assistance when new deals are being done, corporate finance advisers should be able to assist in the restructuring of the existing... businesses to access the finance they need for their growth and development Sir Edward George Governor, Bank of England Foreword I am pleased to have been invited once more to provide a Foreword to The Corporate Finance Handbook The Small Business Service is now well into its second year of operation and has made substantial progress towards its aim of making the United Kingdom the best place in the world in... Forewords to the book Our appreciation is due to all the individual authors who have written with knowledge and clarity on their specialist subjects Although the UK business outlook for 2002 remains uncertain, it is unlikely that the appetite for corporate finance will be much diminished More challenging financial markets will raise the demand for expert advice in managing external corporate finance Hopefully, . edition corporate finance handbook the forewords by jonathan reuvid consultant editor Corporate Finance HDbk 3rd 28/04/2004 10:22 Page 1 ROYAL SUN ALLIANCE 1P COL ADVERT TENON 1P COL ADVERT THE CORPORATE FINANCE. Foreword to The Corporate Finance Handbook. The Bank of England continues to take a close interest in the availability of finance to firms of all sizes and this falls squarely within one of the Bank’s. ensure the effectiveness of financial services in the United Kingdom. Naturally, our other core purposes – maintaining the integrity and value of the currency and maintaining the stability of the financial