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Transcript
Main Market – key eligibility criteria 1 The Main Market is the London Stock Exchange’s flagship market for large, established companies and our regulated market for listed securities. Issuers of securities admitted to trading on the Main Market are also admitted to the UK Listing Authority’s Official List. There are two listing segments – Premium and Standard Listing and several securities categories available to issuers seeking to join the Main Market. The Premium Listing segment is open to either commercial companies or investment entities wishing to list equity shares. Issuers in this segment are expected to meet the highest listing and corporate governance standards and may enjoy a lower cost of capital through greater transparency and increased investor confidence. Commercial companies seeking to admit equity shares and issuers of depositary receipts, debt, securitised derivatives, options and warrants may join the Main Market through a Standard Listing. A Standard Listing allows issuers to access the Main Market by meeting directive minimum standards harmonised across the EU. The key eligibility criteria for commercial companies issuing equity shares and issuers of depositary receipts are outlined in the table below. Listing segment Eligibility criteria Minimum free float Minimum market cap Audited historical financial information 75% of business supported by revenue earning record for the 3 year period Control over majority of assets for the 3 year period Working capital statement Eligible for electronic settlement Sponsor Premium Standard Depositary receipts LR 18 (25%) Equity shares Equity Shares LR 6 (25%) LR 14 (25%) LR 2 (£700,000) PR Annex I (3 years or such shorter period) PR Annex X (3 years or such shorter period LR 6 n/a n/a LR 6 n/a n/a LR 6 LR 6 and Admission & Disclosure Standards LR 8 PR Annex III n/a Admission & Disclosure Standards Admission & Disclosure Standards n/a n/a LR 6 (3 years) This list is not exhaustive and should be read in conjunction with the London Stock Exchange's Admission & Disclosure Standards and the FSA Handbook (Listing Rules, Prospectus Rules and Disclosure & Transparency Rules). London Stock Exchange plc has used all reasonable efforts to ensure that the information contained in this publication is correct at the time of going to press, but shall not be liable for decisions made in reliance on it. © June 2010 London Stock Exchange plc. Registered in England and Wales No 2075721. London Stock Exchange and the coat of arms device are registered trademarks of London Stock Exchange Plc.