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Alternatives To A Premium Listing Alternative Investment Market Notes

LPC Law Notes > Corporate Finance Notes

This is an extract of our Alternatives To A Premium Listing Alternative Investment Market document, which we sell as part of our Corporate Finance Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.

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Corporate Finance: SGS 3: Alternatives to a Premium Listing: Alternative Investment Market INDEX OF ABBREVIATIONS
- RIE - Recognised Investment Exchange
- IPO - Initial Public Offering
- PR - Prospectus Rules
- LR - Listing Rules
- DTR - Disclosure Guidance and Transparency Rules
- LP - Listing Principles
- PLP - Premium Listing Principles
- FSMA 2000 - Financial Services and Markets Act 2000
- RAO - Financial Services and Markets Act 2000 Regulated Activities Order 2001
- FPO - Financial Services and Markets Act 2000 Financial Promotions Order 2005
- MAR - Market Abuse Regulations
- CJA - Criminal Justice Act 2002
- FSA - Financial Services Act 2012
- UK CGC - UK Corporate Governance Code
- RCF - Revolving Credit Facility
- LSE - London Stock Exchange
- AIM - Alternative Investment Market
- FCA - Financial Conduct Authority
- MAC - Material Adverse Change
- EoD - Event of Default THE AIM RULES
- AIM Rule 1: Nominated Adviser (Nomad) - AIM applicant company must appoint a NOMINATED ADVISER AND retain that nominated adviser at all time - Nomad responsible for: (a) determining whether company appropriate for admission to AIM; (b) managing AIM flotation process; and (c) providing guidance/advice to AIM company during listing process + whilst company's shares listed on AIM.
- If AIM company does not have a Nomad AIM will SUSPEND TRADING in company's shares until a replacement Nomad is appointed + Company's admission to AIM will be CANCELLED if new Nomad not appointed within 1 month.
- AIM Rule 2: Pre-Admission Announcement - Unquoted applicant must make pre-admission announcement through a Regulatory Information Service (RIS) at least 10 BUSINESS DAYS before expected date of admission - must provide the LSE with information specified in AIM Rule Schedule 1 including: (a) name + country of incorporation + registered office address + website address; (b) brief description of company's business; (c) number/type of securities company seeking to have admitted to AIM; (d) capital to be raised + expected market capital capitalisation after flotation (value of shares x number of shares admitted to trading); (e) percentage of AIM securities NOT in public hands at time of admission; (f) full names/functions of directors/proposed directors; (g) details of any significant shareholder before/after admission (holding 3% of more of company's shares); (h) anticipated accounting reference date; (i) name/address of Nomad/Nominated Broker; and (j) details of where admission document UNLESS such a document not required because applicant is a quoted company.
- Subsequent Changes - Changes to information disclosed in pre-admission announcement must be notified to LSE immediately + LSE may delay admission by up to 10 business days if it considered changes to disclosed information to be 'significant.'
-AIM Rule 3: Admission Document - Unquoted applicant company must produce an admission document when applying for admission to AIM disclosing information contained in AIM Rules Schedule 2.
- Applicant must take reasonable care to ensure that information contained in admission document is, to best of knowledge of applicant, in accordance with facts and contains no omission likely to affect import of such information.
- Quoted companies NOT required to produce an application document UNLESS it is required to produce a prospectus in relation to issue of AIM securities under s.85(1) FSMA 2000.
- AIM Rules Schedule 2: Contents of Admission Document - AIM Admission Document must comply with specified parts of PD Regulations Annexes I/II/III and include: (c) Working Capital Statement - Statement by directors of applicant company that company has sufficient working capital for the 12 months from date of admission; 1

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