Appendix V: Key Differences Between Requirements for the Main Market and AIM

MAIN MARKET

1.
Minimum 25 percent shares to be held in public hands in one or more EEA States1.
2.
Normally three-year trading record and audited accounts required.
3.
Offering document on IPO approved by the FCA (or competent authority in issuer’s home member state, where not the UK).
4.
Sponsor required for IPO and certain transactions.
5.
Prior shareholder approval required for substantial acquisitions and disposals.
6.
Minimum market capitalisation requirement (£700,000).
7.
Modifications to the requirement for accounts covering three years for scientific-research-based companies and mineral companies2.

AIM

1.
No requirements for shares to be held in public hands.
2.
No trading record requirement.
3.
Offering document on IPO does not generally require approval of the regulators, unless IPO is being undertaken in conjunction with an “offer to the public”3.
4.
Nominated adviser required at all times.
5.
No prior shareholder approval required (other than for reverse takeovers).
6.
No minimum capitalisation required4.
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