AIM
Proprietary Finance Ventures
123 Mission Street
San Francisco, CA 94105
U.S.A.
(202) 596-7511
London AIM Listings
London's AIM (Alternative Investment Market) Exchange
Since 1995, more than 2200 companies (350 of them foreign) have listed on the AIM and have collectively raised more than 19 Billion British Pounds. The Alternative Investment Market (AIM) part of the London Stock Exchange allows smaller companies to float shares under flexible, less regulation than LSE Main Market or the NASDAQ (US). US companies listed on AIM are not required to satisfy the laws governing U.K. companies. AIM-listed companies, however, must provide material information, including disclosure of significant corporate transactions (e.g., those involving 10% of a class of the company's securities, related party transactions involving 5% of a class of securities, transactions in the company's securities by directors). Companies must also provide annual reports containing audited financial statements and half-yearly reports. The fee to maintain the listing is currently 4750 GBP a year.
Companies and funds from around the world have found AIM attractive for their capital raising needs. AIM's investor base is largely composed of intitutional advisors and wealthy individuals. Joining AIM requires no mimimum size by revenue, no minimum number of shares in public hands, no minimum trading record or number of employees, no minimum market capitalization. To gain admission to AIM public companies must generally have an admission document prepared that includes information of financial position, directors and business activities. Admission is not submitted for approval to the Exchange nor to UK regulatory agencies, but continuous oversight and advice is mandated to the underwriter, referred to as "Nomad". A "Nomad' or "Nominated Adviser" must comply with the AIM Rules for Nominated Advisors.
AIM is a excellent medium of raising capital for entry or reentry into the European market with your products or services. The average capitalization of companies on AIM is $70 million (by comparison, the average capitalization of NASDAQ-listings is $1.2 billion). Entering AIM, the expectation is to raise at least $10 million, with a market cap of $20 million minimum.
The general typical cost of listing on AIM is 250,000-300,000 GBP (between 8-12% of funds raised), and advantages include tax breaks,avoiding seeking shareholder approval for transanctions. A streamlined admission route is available for companies that have been traded on certain major world exchanges in the previous 18 months, with no admission document needed. Instead, a detailed pre-admission announcement is made. With AIM, companies' shares must be freely transferable and eligible for electronic settlement-usually through CREST [or their US conterparts such as DTCC].
In January 2009, the much anticipated Asian-oriented growth market TOKYO AIM was launched as a joint venture between Tokyo Stock Exchange and LSE.
US companies listing on AIM must still comply with US and state securities laws, although only those with 500 or more shareholders and annual revenues of at least $10 million must meet Sarbanes-Oxley accounting and certification rules or the 1934 Act reporting requirements. Many AIM-listed issuers satisfy the Regulation S exemption from the 1933 Act registration requirements for securities offered only outside the United States. All shares issued in compliance with Reg. S must be in certificate form, because they must carry a legend restricting transfer to an American citizen for one year after the offering. AIM permits companies to use certificated shares during this period, after which the shares can use the CREST electronic settlement system.
AIM's main competitor in Europe for the small and mid-caps companies is Alternex.
NYSE Alternext Eurozone and US
NYSE Euronext London-overview-
NYSE Euronext Fast Path listing procedure for non-EEA incorporated issuers already listed on the NYSE in the US (access to NYSE's exchanges in Belgium, France, Netherlands and Portugal)
Since 1995, more than 2200 companies (350 of them foreign) have listed on the AIM and have collectively raised more than 19 Billion British Pounds. The Alternative Investment Market (AIM) part of the London Stock Exchange allows smaller companies to float shares under flexible, less regulation than LSE Main Market or the NASDAQ (US). US companies listed on AIM are not required to satisfy the laws governing U.K. companies. AIM-listed companies, however, must provide material information, including disclosure of significant corporate transactions (e.g., those involving 10% of a class of the company's securities, related party transactions involving 5% of a class of securities, transactions in the company's securities by directors). Companies must also provide annual reports containing audited financial statements and half-yearly reports. The fee to maintain the listing is currently 4750 GBP a year.
Companies and funds from around the world have found AIM attractive for their capital raising needs. AIM's investor base is largely composed of intitutional advisors and wealthy individuals. Joining AIM requires no mimimum size by revenue, no minimum number of shares in public hands, no minimum trading record or number of employees, no minimum market capitalization. To gain admission to AIM public companies must generally have an admission document prepared that includes information of financial position, directors and business activities. Admission is not submitted for approval to the Exchange nor to UK regulatory agencies, but continuous oversight and advice is mandated to the underwriter, referred to as "Nomad". A "Nomad' or "Nominated Adviser" must comply with the AIM Rules for Nominated Advisors.
AIM is a excellent medium of raising capital for entry or reentry into the European market with your products or services. The average capitalization of companies on AIM is $70 million (by comparison, the average capitalization of NASDAQ-listings is $1.2 billion). Entering AIM, the expectation is to raise at least $10 million, with a market cap of $20 million minimum.
The general typical cost of listing on AIM is 250,000-300,000 GBP (between 8-12% of funds raised), and advantages include tax breaks,avoiding seeking shareholder approval for transanctions. A streamlined admission route is available for companies that have been traded on certain major world exchanges in the previous 18 months, with no admission document needed. Instead, a detailed pre-admission announcement is made. With AIM, companies' shares must be freely transferable and eligible for electronic settlement-usually through CREST [or their US conterparts such as DTCC].
In January 2009, the much anticipated Asian-oriented growth market TOKYO AIM was launched as a joint venture between Tokyo Stock Exchange and LSE.
US companies listing on AIM must still comply with US and state securities laws, although only those with 500 or more shareholders and annual revenues of at least $10 million must meet Sarbanes-Oxley accounting and certification rules or the 1934 Act reporting requirements. Many AIM-listed issuers satisfy the Regulation S exemption from the 1933 Act registration requirements for securities offered only outside the United States. All shares issued in compliance with Reg. S must be in certificate form, because they must carry a legend restricting transfer to an American citizen for one year after the offering. AIM permits companies to use certificated shares during this period, after which the shares can use the CREST electronic settlement system.
AIM's main competitor in Europe for the small and mid-caps companies is Alternex.
NYSE Alternext Eurozone and US
NYSE Euronext London-overview-
NYSE Euronext Fast Path listing procedure for non-EEA incorporated issuers already listed on the NYSE in the US (access to NYSE's exchanges in Belgium, France, Netherlands and Portugal)