Joining AIM: A Field Guide For Applicants To AIM, A Market Of The London Stock Exchange


1. What is the process for admission to trading on AIM?

Publication of either a prospectus or an admission document. A prospectus is required where a company is offering shares to the public under the Financial Services and Markets Act 2000 (“FSMA”), unless either the value of the shares being offered is less than 5 million EUR or the offer falls within a specific exemption. For example, a prospectus will be required for a placing where the purchasing shareholders do not fall within an exemption in the FSMA. An admission document is used where a company is either simply applying for its existing share capital to be traded on AIM or is also offering shares pursuant to a placing but such offer does not constitute an offer to the public under the FSMA.

There is no requirement to obtain approval of an admission document by the London Stock Exchange plc (“the Exchange”) prior to publication. In contrast, if a prospectus is required it must be approved by the Financial Conduct Authority (“FCA”) before it is published. In each case, the company’s nominated adviser (“NOMAD”) must confirm to the Exchange the suitability of a company and its securities to be admitted to AIM.

Please see full guide below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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