Corporate weekly highlights—15 March 2018

Corporate weekly highlights—15 March 2018

This week’s edition of Corporate highlights includes news of the revised AIM Rules and Nomad Rules issued by the London Stock Exchange, analysis by Market Tracker on trends in delistings, a package of proposals announced by the European Commission as part of its Capital Markets Union initiative and news analysis on a Supreme Court decision dealing with the application of the statutory limitation period to a company’s claim against its directors for breach of their fiduciary duties. We also highlight four new Resource Notes published in our Equity Capital Markets (AIM) topic area.

Equity Capital Markets

London Stock Exchange issues revised AIM Rules and Nomad Rules

Following an AIM Rules Review Discussion Paper published in July 2017 and a Feedback Statement and Consultation in December 2017, the London Stock Exchange (LSE) has issued AIM Notice 50 which confirms changes to the AIM Rules for Companies (AIM Rules) and AIM Rules for Nominated Advisers (Nomad Rules). The changes come into force on 30 March 2018.

Both sets of amended rules are broadly in line with the proposals set out in the December 2017 Feedback Statement and Consultation (see London Stock Exchange issues AIM Notice 49, LNB News 11/12/2017 114). The changes to the AIM Rules cover formalising the early notification process of issues about an applicant AIM company, the requirement for AIM companies to report against a recognised corporate governance code and clarifying Rule 9 about the LSE’s powers to refuse an AIM admission or impose special conditions.

For further information on the amendments, see LNB News 08/03/2018 129.

Trends in Delistings

This News Analysis considers 171 companies that delisted from AIM between 1 February 2016 and 31 January 2018. The analysis examines the reasons cited by these companies for delisting and highlights the trends found over the period.

For further details, see News Analysis: Trends in Delistings: Most delistings on AIM are at the company’s request.

EU Capital Markets Union

European Commission

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