Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Agenda
London - the international market of choice Routes to a London listing
AIM GDRs on the Main Market Primary listing on the Main Market
Examples
Total companies
Domestic: 2,589 International: 599 UK listed: US$3,454bn International listed: US$4,044bn AIM: US$140bn Main Market: Domestic: US$4,361bn International: US$4,770bn GDRs: US$131bn AIM: US$75bn
Market capitalisation
Total No of IPOs
250 200 150 100 50 0 2000 2001 2002 2003 2004 2005 YTD 2006
In 2005: London Stock Exchange - 493 new companies joined in 2005, 419 were IPOS, 93 of which were international NYSE 122 IPOs in 2005, 12 companies of which were international Nasdaq 138 IPOs in 2005, 21 companies of which were international
Source: London Stock Exchange and individual exchange websites July 2006
2. Main Market
Global Depository Receipts (GDRs) Specialist securities targeting professional investors focused on emerging markets. GDRs are traded on the International Order Book (IOB). Primary Listing on the Main Market
A choice of globally respected markets supported by a wide range of institutional & retail investors
Main Market
Supports more established companies seeking further growth. 1,628 issuers
Supports earlier stage companies in their initial growth period. 1,560 issuers
UK Listing Authority
Sponsor
Agenda
London - the international market of choice Routes to a London listing AIM GDRs on the Main Market Primary listing on the Main Market Examples
300 250 200 150 100 50 0 less than $3.8m $3.8m to $9.5m $9.5m to $19m $19m to $47m $47m to $95m
$95m to $189m
$189m to $473
Capital raised (new & further) in 2005: US$16bn US$ 12bn UK companies US$ 4bn overseas companies
Flexible regulation
Admission Rules
No minimum market cap No financial history required No minimum amount of shares to be in public hands In most cases, no prior shareholder approval required for transactions Admission documents not pre-vetted by Exchange or UKLA but by nominated adviser Nominated adviser (Nomad) required at all times
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Continuing obligations
AIM companies are subject to the AIM Rules which outline the continuing obligations of being on a public market. Some of the key continuing obligations are: AIM companies must have a Nomad at all times, otherwise they will be suspended from the market AIM companies must disclose all price sensitive information in a timely manner including substantial transactions, related party transaction, reverse takeovers and other miscellaneous transactions Half yearly and annual report and accounts required in adherence with deadlines All directors accept full responsibility, collectively and individually for the AIM Rules Restrictions on deals for directors and applicable employees on AIM securities during close periods UK Corporate Governance standards
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USD millions
14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 to July Year Secondary issues New issues
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Institutional Investors
Major institutions invest in AIM.
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Most active Institutions by value of investment Fidelity Artemis Schroder Investment mgt Foreign & Colonial Merrill Lynch UBS Framlington Invesco Goldman Sachs RAB Capital Gartmore Tiger Resource Finance Jupiter Asset Management Lansdowne Aviva
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Agenda
London - the international market of choice Routes to a London listing AIM GDRs on the Main Market Primary listing on the Main Market Examples
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Main Market
Widen shareholder base International profile and publicity Increased brand value A global peer group Worlds only dedicated, liquid market for Depositary Receipts
Transparent electronic platform for Depositary Receipts trading
Trades
600
Trades 000
2001
2002
2003
2004
2005
7 MNTHS 2006
In 2005, IOB turnover was $131 billion. Jan - July 2006 over $160 billion.
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Source: London Stock Exchange April 2006
Trades '000
Listing Rules Rules in relation to issuers who are listed on or are seeking admission to the Official List Disclosure Rules Rules in relation to: -issuers who have financial instruments admitted to trading on a regulated market; and -persons discharging managerial responsibilities' and their 'connected persons'
Prospectus Rules Rules in relation to those who are: -seeking admission of securities to trading on a regulated market; or -offering securities to the public.
http://www.fsa.gov.uk/pages/doing/ukla/
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Principles-based regulation: high standard, pragmatic application No equivalent to Sarbanes-Oxley section 404 An intelligent approach.
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TASE Frutarom
AIM
First listed on TASE
Tescom 888.com
First listed on TASE Sole primary listing in London First listed on London Sole listing on AIM
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Contact
Website: www.londonstockexchange.com
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