Routes to market for listing single assets

Markets available for listing single assets

Specialist Fund Segment (SFS) of the Main Market

As a regulated market under MiFID II, SFS is dedicated to specialist, closed-ended investment funds targeting institutional, professional, professionally advised and knowledgeable investors.

 

Key attributes

  • Lower free float requirement
  • No requirement to spread risk
  • Flexible voting structure

 

Alternative Investment Market (AIM)

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

Key attributes

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

 

Description Specialist Fund Segment AIM
Sponsor/Nominated Adviser Not applicable Nominated Adviser
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 Art 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.

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