On 13 May 2014, the London Stock Exchange (the "Exchange") issued AIM Notice 39 to confirm changes to the AIM Rules for Companies (the "Aim Rules") and AIM Rules for Nominated Advisers (the "Nomad Rules"). Key changes to the AIM Rules include additional guidance relating to the disclosure of price sensitive information, and clarification that the requirement for shareholder consent for an AIM cancellation may be waived for a scheme of arrangement if it has been sanctioned by the courts and approved by shareholders. The AIM Rules also expand on the list of information that must be available on a website to include (among others):
- the date on which the details relating to the AIM securities in issue and significant shareholders was last updated;
- the annual accounts published under AIM Rule 19 for the last three years or since admission, whichever is the lesser;
- whether the AIM company is subject to the UK Takeover Code or any other similar legislation or code in its country of incorporation or operation, or any other similar provisions it has voluntarily adopted; and
- details of the corporate governance code that the AIM company has decided to apply, how it complies with that code, or if no code has been adopted, disclosure of that fact.
The key changes to the Nomad Rules include a change to Nomad Rule 11, so that a Nominated Adviser will only be required to inform the Exchange of a potential change of control which is reasonably likely.
AIM Notice 39 is available at:
http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/aim-notices/aimnotice39.pdf
The AIM Rules are available at:
The Nomad Rules are available at:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
