Pre-IPO Terminal — the FPPP diagnostic for a London listing

FPPP post-mortems

The window since 11 September 2026 produced no new case in which an authority stated that a listed or recently listed company's listing-related procedures failed; one older case that had not been covered is carried here. - The FCA items published in the window address financial crime, cryptoasset regulation, consumer vulnerability and SME finance, not listing procedures or FPPP. - The FRC news index returned navigation links only, with no concluded investigation or sanction retrievable from the fetched material. - The market announcements reviewed for the window are routine trading updates, results and AGM notices; none contained an admission or restatement bearing on procedures. - If no authority has stated that the procedures fell short, the case is not eligible, however the share price behaved.

1. 01High Court disqualification following failure to maintain adequate accounting records
2. 02Client money taken from accounts without permission

The listing-rules watch

An inside-information procedure reacts to whatever arrives, so anyone who can forge an arrival can set it off — which puts authentication inside the procedure, not beside it. - Authenticate every unsolicited approach through contact details you sourced yourself, never the ones on the letter. - Log the check in the same record as the disclosure committee's assessment, so the order is visible. - Name in advance who decides what the company says if an unverified approach becomes public.

1. 01A forged takeover approach ended in a guilty plea, and it targets the step before your disclosure committee decides anything

The London tape

36 admissions, 60 cancellations, 2 live intentions to float.

median ITF → admission: 22d