The International Stock Exchange (TISE) is a leading European venue for listing debt securities offered to institutional and professional investors, with a market-leading position listing private equity debt, high yield bonds and securitisations.
Appleby is a leading listing agent and facilitates the listing of a wide range of securities on TISE and this article explores the use of the Multiple Pre-empted Listings Facility.
MULTIPLE PRE-EMPTED LISTINGS FACILITY (BONDS) – VARIABLE FUNDING NOTES & AMORTISATIONS
The Multiple Pre-empted Listings Facility (MPEF) is available where more than 4 further issues and/or partial redemptions of a listed company are anticipated in a 12-month period per listed security (inclusive of amortisation and variable funding note facilities).
Issuers of listed securities on TISE can choose to operate a MPEF in these circumstances:
- If a fluctuating total value of securities is anticipated under a Variable Funding Note (VFN); or
- If an amortisation schedule is connected with a class of securities.
In relation to the process, the MPEF facility should be applied for as part of the initial application.
In relation to on-going notifications to TISE, quarterly notifications are acceptable by way of an application to the Exchange and should show either:
- The change in aggregate value of the securities for a VFN security; or
- The change in value of the securities following any amortisations during the appropriate reporting period.
REQUIRED DOCUMENTS/INFORMATION:
In addition to the information required for the submission of the initial listing application the following information is required:
- Aggregate value of the securities relating to a VFN security; or
- Value of the securities relating to an amortising security during that notification period
TISE reserves the right to require additional documents as it may require to consider the application.
FEES
A TISE fee of £2,500 per class for a MPEF applies at the initial application stage; the facility is granted for the duration of the listing and is charged annually.
PROCESS
Where an issuer is utilising an MPEF, an issuer is required to notify TISE on a quarterly basis of the aggregate value of securities in issue whether there has been a change or not with the required documents. These are submitted via the listing agent.
Should an issuer have availed itself of the MPEF facility, the Exchange expects to be notified of any movements as soon as practicable following the end of the reporting period.
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.
