- Review of appropriateness of flotation and choice of stock market.
- Time-schedule, planning and budgeting of the transaction.
- Preparation and review of business plan and financial model.
- Business valuation.
- Introduction and approaching pre-IPO investors.
- Introduction to nominated advisers (NOMADs) and stock brokers.
- Liaising with the stock market authorities.
- Assisting with prospectus preparation.
- Additional services such as tax advisory, contact to brokers and law firms.
In order to list your company on AIM, there are a number of requirements that you will be required to meet. Below we list these requirements, in addition to other key issues that your company should consider prior to proceeding with an admission to AIM.
To meet the AIM listing requirements, you must:
- select and appoint a nominated adviser (NOMAD)
- be deemed ‘appropriate’ for the market, as judged by company’s nominated adviser
- appoint a broker
- prepare an admission document
- have no restrictions on the free transferability of your company’s shares
- pay a flat rate annual fee (this depends on your company’s size)
- complete the application form which should be signed by the directors
Other issues for consideration:
- appointing a legal adviser, reporting accountant, and investor relations adviser
- readiness to be open in terms of your company’s finances, business strategy, new development announcements, to keep investors informed
As with all significant steps that a growing business takes, adequate planning in advance is essential. When it comes to an admission on AIM, this is not just good practice but is a must in order to ensure that you meet all of the AIM requirements and achieve a successful AIM listing.
We have outlined an AIM admission timetable for you below that shows you what you should be doing in the weeks leading up to admission:
From 16 to 24 weeks
- Appoint and instruct advisers
- Review any problem areas
- Agree timetable
From 12 weeks
- Commence legal, financial and commercial due diligence process
- Produce draft admission document
- Prepare draft legal, financial and commercial agreements as required
- Initial review of pricing issues
- Review PR presentations
- Host analyst presentations
From 6 weeks
- Continue/ finalise draft admission document
- Continue/ finalise due diligence process
- Continue drafting/ finalising all agreements
- Hold PR meetings and roadshows
1 – 2 weeks before admission
- All documents completed and approved
- Submit 10 day announcement to Exchange of intention to join AIM
- Pricing and allocation of the offer
- Register admission document