Routes to Market for Listing Single Assets
Specialist Fund Segment of the Main Market
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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
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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. |