What is AIM Rule 15?

AIM Rule 15 – any disposal which exceeds 75% in any of the class tests is deemed to be a disposal resulting in a “fundamental change of business”. Schedule 4 to the AIM Rules. approval and circular must be published containing details of the disposal and any proposed change in business.

What are the AIM Rules?

AIM Rule 26 requires AIM companies to bring key company information together in one place on the company’s website. The information includes: A description of its business and, where it is an investing company, its investing policy and details of any investment manager and/or key personnel.

Do you need a prospectus for AIM?

Route to the Main Market An AIM company wishing to move up to the Main Market will need to produce a full, FCA-approved prospectus and will need to adhere to the relevant listing require-ments and -conditions.

Who regulates aims?

the LSE
AIM operates, and is regulated by the LSE in its capacity as a Recognised Investment Exchange. AIM companies are bound by the AIM Rules for Companies not the Listing Rules.

What is a cash shell?

Cash shells, also known as SPACs (special purpose acquisition companies) are vehicles that are listed on the stock exchange with no assets other than cash. In most cases, they raise money with the objective of finding appropriate companies to invest in.

What is a Class 1 transaction?

Related Content. A major transaction for a premium listed company, the size of which results in a 25% threshold being reached under any one of the class tests set out in the Listing Rules.

What is an AIM listing?

Key Takeaways. The Alternative Investment Market (AIM) is a specialized unit of the London Stock Exchange (LSE) catering to smaller, more risky companies. The companies listed on AIM tend to be smaller and more highly speculative in nature, in part due to AIM’s relaxed regulations and listing requirements.

How many AIM companies are there?

At launch, AIM comprised only 10 companies valued collectively at £82.2 million. As at May 2021, 821 companies comprise the sub-market, with an average market cap of £80 million per listing.

How do I get on AIM?

In order to be eligible for admission, the company must seek admission for the entire class of securities being admitted. All AIM companies must ensure that appropriate settlement arrangements are in place. In particular, their securities must be eligible for electronic settlement.

How big do you need to be to list on AIM?

There is no a minimum market capitalisation for a company to be admitted to AIM, but most companies tend to fall within the £25 million to £500 million bracket. There is no minimum percentage of shares that must held in public hands, as is the case with the Full List of the London Stock Exchange.

What is a listed shell?

The term “shell company” is narrowly understood as a public limited company which has largely ceased its operative business but whose stock exchange listing still exists despite minimal sales turnover. The stock exchange listing of the shell generally represents the deciding value for potential buyers.

What is AIM Rule 15 cash shell?

An AIM Rule 15 cash shell is an AIM company which has divested of all, or substantially all, of its trading business, activities or assets and/or has taken action the effect of which is that it will cease to own, control or conduct all or substantially all of its existing trading business, activities or assets (AIM …