Based on the information in the case study and your answers above,summarize the costs and benefits of

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Based on the information in the case study and your answers above,summarize the costs and benefits of the listing at the LSE from theperspective of ADVENT. You should report on at least two broad categories ofcosts and two broad categories of benefits.
case study:
ADVENT plc (ADVENT) is a large, UK-based company which offers adventure travel and related services. ADVENT has a 31 December year-end and prepares itsfinancial statements under UK-adopted IFRS.
So far, it has been operating from its offices in the UK assisting UK customers inplanning and organizing adventure trips to destinations all over the world. In thefuture, it intends to expand its operations internationally, i.e., to set up offices in othercountries and to start serving non-UK customers.
On 1 January 2022, to finance this expansion, the CEO of ADVENT succeeded intaking out a loan with a large UK bank, which has a reputation for building andmaintaining long-term relationships with its clients. The loan makes up a significantamount of total assets and has a maturity of 15 years. The terms of the loan are as follows:
o The loan principal is £25 million.
o Arrangement fees were £250,000.
o Interest is payable at 3% pa of the principal amount of the loan for the first
5 years rising to 5% pa for the remainder of the loan term.
o The interest is payable annually in arrears on 1 January.
o The loan will be repaid in full after 15 years.
In addition, the CEO wants to list ADVENT’s shares on the London Stock Exchange(LSE), in the Standard Segment of the Main Market. The CEO expects the processof listing to be quick and hassle-free but has to obtain approval from ADVENT’sexisting shareholders before he can initiate it. If approval is obtained, he wants toinitiate the listing in 2023.
Existing shareholders comprise a group of 30 individuals with relatively low stakeseach, as well as a block holder with a stake of 55% and a seat on the board ofdirectors as a non-executive director (a block holder is an investor who owns a largestake). The block holder invested in ADVENT shortly after the incorporation of thecompany and pursues long-term interests; he has no intention to sell his stakeanytime soon. The group of 30 individuals, on the other hand, invested in ADVENTat various points in time without any long-term interests; they saw in ADVENT aprofitable investment opportunity and are ready to sell their shares as soon as theirreturn is sufficiently high.
The CEO does not expect to obtain shareholder approval without difficulties since heneeds 75% of the voting rights in support of his proposal. Yet, he hopes to be able toconvince existing shareholders that a listing at the LSE will open up financingsources not just for the first stage of the expansion but also for potential furtherstages in later years.
The CEO proposal refers to a stock exchange listing via the issuance of new sharesthrough an Initial Public Offering (IPO). Existing as well as future shareholders haveone vote per share.