Routes to Market for Listing Single Assets

Specialist Fund Segment of the Main Market

ERegulated market under MiFID II, dedicated to specialist, closed-ended investment funds targeting institutional, professional, professionally advised and knowledgeable investors.

Key Flexibilities

Lower free float requirement

The SFS has no prescriptive minimum free float. However, the Exchange has an obligation to run fair and orderly markets.

No requirement to spread risk

SFS funds are not required to spread risk thus they can admit to trading with a far more concentrated portfolio.

Flexible voting structure

SFS funds can enable fund structures with shares having differentiated voting rights.

 

Standard Segment of the Main Market

Regulated market under MiFID II, listed market for commercial companies seeking access to the wide investor base from institutional to general retail investors. Standard Listing allows issuers to access the Main Market by meeting EU harmonised standards only rather than the UK ‘super-equivalent’ requirements.

Key Flexibilities

No requirement to obtain a listing sponsor

Unlike the Premium Segment, companies seeking admission to the Standard Segment of the Main Market are not required to appoint a sponsor for their listing

No requirement to have a minimum of 3 year audited historical financial information

Companies on the Standard Segment are required to have audited financial information covering their latest three years or such shorter period that the issuer has been in operation.

Eligibility Overview

Description

Standard Segment

Specialist Fund Segment

Structure

Company issuing equity shares

(other than investment entity)

Closed-ended Investment Fund

Domicile

Any

Any

Regulation

EU Regulated Market & Listed

EU Regulated Market

Minimum Freefloat

25%

No prescriptive freefloat

Revenue Criteria

Not applicable

Not Applicable

Admission

Prospectus & Eligibility letter to UKLA under Listing Rules

Request for admission to trading to exchange

Admission Documentation

Prospectus

UKLA Approved Prospectus

(Annex XV disclosures)

Sponsor/NOMAD

Not applicable

Not applicable

Corporate Governance

Corporate Governance statement

 

Corporate Governance statement

Significant Transactions

Not applicable

Not applicable

Controlling Shareholder Agreement

Not applicable

Not applicable

Related Party Transactions

DTR interim management statement and disclosed via annual accounts

Not applicable

Cancellation

No shareholder approval required

No shareholder approval required

Indices

Not applicable

Not applicable

Ongoing Obligations Overview

Description

Standard Segment

Specialist Fund Segment

Sponsor/Nomad

Not applicable

Not applicable

Annual financial report

Yes

Yes

Half-yearly financial report

Yes

Yes

Publication of inside information as soon as possible

Yes

Yes

Corporate Governance

Corporate Governance statement

 

Corporate

Governance

statement

Drawing up and maintaining an insider list

Yes

Yes

Major shareholder notification regime

Yes

Yes

PDMR Disclosures

Yes

Yes

Pre-emption rights

As per company law

As per company law

Significant Transactions

Not applicable

Not applicable

Prospectus/document for further issues(>20% shares of same class admitted to trading)

Yes

Yes