What is AIM Rule 15?
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 …
What is AIM rule?
AIM opened on 19 June 1995. The rules relating to the eligibility, responsibilities and disciplining of nominated advisers are set out in the separate rulebook, AIM Rules for Nominated Advisers. The procedures relating to disciplinary and appeals matters are set out in the Disciplinary Procedures and Appeals Handbook.
How long can AIM shares be suspended?
Finally, when it comes to AIM, should the securities of any company be suspended for six months, the securities will be be cancelled from trading unless an extension has been granted.
Who decides whether a company is a suitable applicant for admission to AIM?
The overriding requirement for a company seeking admission to AIM is that it be “appropriate” for the market. This judgment is made by the company’s nominated adviser.
Does Takeover Code apply to AIM?
Currently, the Code only applies to an AIM-listed company which is the target of a takeover bid if the Takeover Panel, which created and enforces the Code, considers it to be “centrally managed and controlled” in the UK, Channel Islands or Isle of Man.
What is an AIM company?
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.
What is an AIM admission document?
Related Content. The document to be published by a company seeking admission of its securities to trading on AIM in accordance with Rule 3 of the AIM Rules.
Why do they suspend trading?
A trading halt is a temporary suspension of trading for a particular security or securities at one exchange or across numerous exchanges. Trading halts are typically enacted in anticipation of a news announcement, to correct an order imbalance, as a result of a technical glitch, or due to regulatory concerns.
What happens if my shares are suspended?
Once trading in a security is suspended, shares cannot trade until the suspension is lifted or lapses. The suspension time is determined on a case-by-case basis. Suspended trading occurs for many different reasons, including: Concerns about trading in the stock, such as insider trading or market manipulation.
How do I find my AIM listing?
There are no prescriptive eligibility criteria for joining AIM, however, a company must:
- Appoint a Nominated Adviser (‘nomad’) and retain their services for the duration of the time the company remains on AIM.
- Appoint a corporate broker and retain their services throughout the time the company remains on market.
What is Rule 8.3 of the Takeover Code?
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an …
Which is a fundamental change of business under 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”. nAnnouncement complying with Schedule 4 to the AIM Rules. nDisposal requires shareholder approval and circular must be published containing details of the disposal and any proposed change in business.
When to make reverse takeover under aim Rule 14?
n The company must then make an acquisition which constitutes a reverse takeover under AIM Rule 14 or otherwise implement the investing policy within 12 months of completion.
What are the rules for an aim company?
An AIM company must issue notification without delay as soon as the terms of any substantial transaction are agreed, disclosing the information specified by Schedule Four. This rule applies to any transaction whatsoever with a related party which exceeds 5% in any of the class tests.
When does an aim company become a cash shell?
Within six months of becoming an AIM Rule 15 cash shell, the AIM company must make an acquisition or acquisitions which constitutes a reverse takeover under rule 14.