Routes to Market for Listing Single Assets

Specialist Fund Segment of the Main Market

Regulated 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.

 

AIM

Exchange-regulated market; suitable for commercial companies and straightforward investment structures seeking a broad investment audience including institutional and retail investors.

Key Flexibilities

No minimum track record requirement, but company must demonstrate appropriateness to join a public market.

Eligibility Overview

Description

Specialist Fund Segment

AIM

Structure

Closed-ended Investment Fund

Operating Company/ Closed Ended Investment Fund.

An AIM Investing Company must have a structure that is straightforward and not complex. Minimum equity fundraising of £6m.  

Domicile

Any

Any

Regulation

EU Regulated Market

MTF (SME Growth Market)

Minimum Freefloat

No prescriptive freefloat

No prescriptive freefloat – guidance on free float available here.

Revenue Criteria

Not Applicable

Not applicable

Admission

Request for admission to trading to exchange 

UKLA Approved Prospectus (Annex XV disclosures)*

AIM Admission Document & NOMAD declaration 

Sponsor/NOMAD

Not applicable

NOMAD on admission and on a continuing basis. 

Corporate Governance

Corporate Governance statement

Corporate Governance Statement against a Recognised Corporate Governance Code

Related Party Transactions

As per Prospectus Regulation

Applicable as per AIM Rules for Companies

Cancellation

No shareholder approval required

75% shareholder approval

Indices

Not applicable

FTSE AIM Series, where eligible

 * From July 21st 2019, to reflect the New Prospectus Regulation, this will be Annex (IV)

Ongoing Obligations Overview

Description

Specialist Fund Segment

AIM

Sponsor/NOMAD

Not applicable

NOMAD

Annual financial report

Yes – DTR4

Yes – AIM Rules

Half-yearly financial report

Yes – DTR4

Yes – AIM Rules

Publication of inside information as soon as possible

Yes – MAR Art 17

Yes – MAR 17

Corporate Governance

Corporate Governance statement

Corporate Governance statement

Drawing up and maintaining an insider list

Yes – MAR Art 18

YES – MAR 18 (certain carve outs for SME Growth Market)

Major shareholder notification requirement

Yes – DTR5

Yes – DTR5

PDMR Disclosures

Yes – MAR 19

Yes – MAR 19, Requirement for a dealing policy.

Pre-emption rights

As per company law

As per company law

Related Party Transactions

Disclosure under annual accounts and DTR 7

Applicable as per AIM Rules for Companies

Significant Transactions

Not applicable

Yes

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

Yes

Only if a public offer occurs as a result of the further issue.