Intermittent trading offers companies a structured way to provide liquidity while avoiding the ongoing obligations of a full public listing. The introduction of PISCES has brought greater clarity to this model and has encouraged a number of maturing private firms to explore it as a credible alternative to traditional markets. The shift is significant. Intermittent trading windows require a standard of preparation and communication that is unfamiliar to many high growth businesses. Management teams play a central role in ensuring that these events run smoothly, and early preparation often determines the quality of the outcome.

The move toward intermittent trading is not only a technical decision. It reflects a growing recognition that investors, employees and early shareholders value the discipline of occasional liquidity. This creates expectations around disclosure that differ from those found in private fundraising rounds. Information must be accurate, coherent and presented in a way that supports a fair price discovery process. Leadership teams must therefore be comfortable with a higher degree of visibility and with the rhythm that each window introduces.

Finance functions face the most immediate pressure. Intermittent trading windows require timely reporting, clear forecasting and the ability to explain the company’s financial performance with confidence. Many firms begin preparing by assessing whether their existing team can handle the intensity of these cycles. CFOs with experience in public or semi public markets tend to anticipate the questions investors will ask and can guide teams through the process. This ensures that information is ready well ahead of each window, reducing stress and avoiding last minute amendments.

The CEO’s role changes too. Communication becomes more measured and more frequent. Investors want a clear narrative around the company’s strategy, recent performance and key priorities. CEOs who provide calm, grounded explanations help set the tone for the entire transaction. This is particularly valuable if trading windows coincide with broader market volatility or if the company is navigating a period of transition. Many organisations find it useful to rehearse messaging internally to ensure alignment across the senior team.

Boards play an important part in preparation. Independent directors who understand market expectations can help refine disclosures and test assumptions before information reaches investors. Their experience often provides reassurance to both founders and management teams, especially during a company’s first trading window. Chairs who have supported similar processes can help maintain perspective and ensure that preparation does not become unnecessarily burdensome.

Operational readiness is another factor. Intermittent trading windows create short, intense periods of activity. Legal, compliance, HR and operations functions must be aligned and able to support the process without affecting day to day performance. Some companies choose to strengthen operational or legal capability in advance, while others rely on external advisers. What matters is that responsibilities are clear and that the organisation can respond quickly to information requests.

Culture should not be overlooked. Many teams are accustomed to private rhythms of communication, where information is shared selectively and at a pace that suits the business. Intermittent trading introduces a more structured approach. Leaders who prepare teams thoughtfully help maintain stability and ensure that the organisation understands why certain changes are necessary. Clear internal communication helps avoid uncertainty and fosters confidence as the company enters a more visible environment.

One of the benefits of preparing early is that companies often identify capability gaps that would have surfaced later. These may relate to forecasting, investor engagement or governance. Addressing them in a measured way strengthens the organisation beyond the trading windows themselves. Teams become more accustomed to structured planning, communication improves and reporting cycles become more predictable.

Fram’s experience with high growth and semi public companies suggests that management teams who approach intermittent trading as part of their long term strategy tend to perform best. They invest time in preparation, strengthen leadership where required and set realistic expectations across the organisation. This calm, forward looking approach often resonates with investors and supports smoother trading outcomes.

Preparing for intermittent trading windows is ultimately about demonstrating maturity, discipline and clarity. Companies that focus on leadership readiness create a foundation that supports both liquidity events and broader organisational stability.

Successful firms recognise that hiring well is not just about experience, but alignment, timing and intent. Contact Fram if we can ever assist you with insights on the issues raised.