Archives: AIM

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Executive Remuneration: IA’s Interim Report

The Squire Patton Boggs’s Compensation and Benefits Global Insights blog is hosting a new post entitled “Shareholder Spring 2: Rabbit Emerges From The Hat”. The post looks at the Investment Association’s Interim Report which will be used to inform a revision of the IA’s “Principles of Remuneration”. Essentially, they are looking to fix an executive remuneration … Continue Reading

Proposed Changes to AIM Rules

The London Stock Exchange has issued AIM Notice 44 in which it is consulting on proposed changes to the AIM Rules for Companies in advance of the Market Abuse Regulation coming into effect on 3 July 2016. MAR establishes a new EU-wide regulatory framework on market abuse which expands on the previous regime and includes insider dealing, unlawful … Continue Reading

Be PSC Register Ready!

From 6 April 2016, most companies and LLPs will be required to keep a “PSC Register” listing “People with Significant Control”, that is individuals or legal entities who, or which, have significant control over the company or LLP. This is a new, additional duty which applies to UK incorporated companies limited by shares (including dormant … Continue Reading

ISS Revised Voting Policy

The Institutional Shareholder Services has published an update to its benchmark voting policy. ISS has confirmed that it will make the following changes to its UK & Ireland Proxy Voting Guidelines to be published in December 2015: “Overboarding”: ISS may issue an adverse recommendation for overboarding if the following guidelines are not met (although a … Continue Reading

FRC Advice on Financial Reporting

The FRC has published a letter of advice to around 1,200 smaller listed and AIM quoted companies on how to improve annual reports in areas of particular interest to investors. Underpinning the advice is the fact that investors value high quality reporting that is company specific, avoids generic information and gives a meaningful explanation of the … Continue Reading

Market Abuse Rules are a Double Hit to AIM

Come next year, AIM companies could be facing a double jeopardy in respect of market disclosures. On 3 July 2016 the Market Abuse Regulation (MAR) will come into force and will apply to AIM companies. The main disclosure obligations in MAR relate to the disclosure of inside information and disclosure of deals by persons discharging managerial … Continue Reading

LSE Consults on Changes to AIM Rules

The London Stock Exchange has published AIM Notice 42 consulting on various changes to rules on investing companies and cash shells. There are two key issues here: (1) AIM is proposing to increase the amount that a new fund must raise at IPO from £3m to £6m; and (2) AIM appears to be trying to rid … Continue Reading

ISS 2016 Benchmark Policy Consultation

The Institutional Shareholder Services have launched for public comment a number of proposed voting policies for 2016. Comments are due by 9 November and the revised policies will be released on 18 November and will apply to shareholder meetings taking place on or after 1 February 2016. The relevant UK policies are over-boarding; auditors’ fees in … Continue Reading

Going Concern Changes

The Financial Conduct Authority has published a handbook notice which sets out its response to feedback on its earlier quarterly consultation and amends the Listing Rule disclosure provisions regarding “going concern”. The FCA has now introduced a revised version of Listing Rule 9.8.6(3) whereby directors must make statements: about the appropriateness of the decision to adopt … Continue Reading

LSE 2016 Dividend Procedure

The London Stock Exchange has issued its 2016 Dividend Procedure timetable which applies to both listed companies and those trading on AIM. The key changes from the 2015 Timetable are as follows (extracts shown): The Basic Principle If a dividend is to be made ex, the dividend must be declared via a PIP or notified … Continue Reading

AIM Guidance on Disclosures Relating to Equity Financing Products

Following the well-publicised issues at Quindell plc, AIM Regulation has published guidance on AIM company disclosures arising from equity financing products involving AIM securities in which an AIM company or its directors may have an interest. Such products include equity financing facilities, equity swap facilities and certain crowd funding type products. The following points are included in the guidance: … Continue Reading

Recent Market Activity

Recent market activity: IPOs Kainos Group plc offer of existing shares and admission to premium listing and to trading on the Main Market of the London Stock Exchange. £164m Prospectus Sophos Group plc underwritten global offer of new and existing shares and admission to premium listing and to trading on the Main Market of the London Stock … Continue Reading

AIM Rule Change

The London Stock Exchange has made minor changes to the availability of derogations from Rule 36 of the AIM Rules for Companies (Rules). Under Rule 36, securities that are admitted to AIM must be eligible for electronic settlement. In the past, the Exchange provided derogations from Rule 36 to enable the admission to AIM of … Continue Reading

Smaller Listed and AIM Quoted Companies’ Reporting

The Financial Reporting Council has issued a discussion paper seeking views on measures to help smaller listed and AIM quoted companies improve the quality of their corporate reports. One of the FRC’s findings was that smaller quoted companies have a higher incidence of poorer quality annual reports than their larger counterparts. The FRC also considered … Continue Reading
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