IPTs should be developing their own time-line in conjunction with advisors using the appropriate project planning software.
Month or so pre-appointment of preferred bidder
Final review of evaluation of bids and level of lender support
Approvals process completed
Revision of documentation to capture all agreed points
Draft list of outstanding issues and "Hymn Sheets"
Re-visit bid validity and consider risk of re-pricing
Establish basis of appointment of preferred bidder and draft appointment letter
[If funding is to be competed establish detail of process to be followed]
Consider reserve bidder and de-brief strategy for other bidders
Brainstorm approach with advisers, key stakeholders and PPFI
Produce gantt chart of proposed timetable
Issue of Preferred bidder Letter
Provide preferred bidder letter outlining basis of appointment
Provide list of outstanding issues
Provide revised documentation
Involvement of lenders' advisers and commencement of due diligence (especially technical due diligence)
Draft Completion Agenda and Completion Documents List
Issue of Preferred bidder Letter plus 2 weeks
First meeting to agree list of outstanding issues between IPT, preferred bidder and lenders
Subsequent meetings to agree list of outstanding issues
Confirmation of appointment of preferred bidder and basis of appointment
Lender due diligence ongoing with lenders' advisers formally tasked
Issue of Preferred bidder Letter plus 3-4 weeks (assuming that list of outstanding issues can be agreed and appointment as preferred bidder can be confirmed)
First "meeting about meetings" to plan negotiations
Lender due diligence ongoing
Issue of Preferred bidder Letter plus 4-5 weeks
Meeting with lenders to present agreed IPT/preferred bidder plan for negotiations and obtain lender comment and commitment to timetable.
Lender due diligence ongoing
Issue of Preferred bidder Letter plus 2-3 months
"First Pass" through outstanding issues (including lender issues)
Lender due diligence ongoing
Issue of Preferred bidder Letter plus 3-5 months
Production of Information Memorandum by preferred bidder
Lender due diligence ongoing
Formal review of current issues list and comparison to deal evaluated at BAFO
First report from lender's advisers
Lender's involvement in commercial negotiations to extent due diligence has altered its "in principle" agreement
Final Report from lender's advisers
Agree Completion Agenda and Completion Documents List Sensitivity testing on Financial Model
Issue of Preferred bidder Letter plus 5-7 months
Sub-contracts settled
Financial Model settled and audited
Final negotiations leading to commercial close
IPT Review Note
Finalisation of all subsidiary and financing documents, subcontracts, board minutes etc.
Financial close and completion