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GLOSSARY

Nominated adviser definition

Published by a LexisNexis Corporate expert

What does Nominated adviser mean?

Also known as a nomad, an adviser to an aim company that provides corporate finance advice with particular expertise on aim. Nominated advisers are approved by the London Stock Exchange which keeps a directory of nominated advisers on its website. An AIM company must retain a nominated adviser at all times (see Rule 1 of the AIM Rules for Companies). The Nomad Rules set out the eligibility requirements, ongoing obligations and disciplinary matters in relation to nominated advisers.

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Admission to AIM—fast track route

Admission to AIM—fast track route A company (quoted applicant) that already has its securities traded on another specific market (AIM Designated Market) may be able to apply for admission to AIM through the AIM Designated Market Route (ADMR). The ADMR provides an efficient and cost effective route for a quoted applicant to be admitted to trading on AIM. The current AIM Designated Markets are: • Australian Securities Exchange • Johannesburg Stock Exchange • NASDAQ • NYSE • SIX Swiss Exchange • TMX Group • Official List of the Financial Conduct Authority, and • any UK or EEA regulated market or SME Growth Market and registered in accordance with that directive. Eligibility To be eligible for the ADMR a quoted applicant must: • have traded on an AIM Designated Market for a minimum of 18 months prior to the proposed date of admission to AIM • have traded in the form in which it is seeking admission to AIM (the London Stock Exchange London Stock Exchange AIM Designated...

The role of a nominated adviser

The role of a nominated adviser A nominated adviser (nomad) is a firm or company that: • has been approved by the London Stock Exchange (LSE) as a nomad, and • is included on the current register of nomads maintained by the LSE The definitive register of nomads is kept by the LSE, a copy of which is available for public inspection on the LSE's website. The LSE does not itself assess whether a company applying for admission to AIM is appropriate or not; rather it relies on the nomad that has been retained by the company to assess whether such company is appropriate for admission to AIM. Requirement for a nomad The nomad is important; a company seeking to apply for admission to trading on AIM or that is already admitted to trading on AIM must have a nomad at all times. Without a nomad a company will: • not be eligible for AIM, and • where such company is already admitted to trading on AIM,...

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Placing letter—AIM

Placing letter—AIM [ON THE LETTERHEAD OF THE PLACING AGENT] Application has been made for the whole of the issued and to be issued ordinary share capital of the Company to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Ordinary Shares will commence on AIM on [insert expected date of admission to AIM]. No liability whatsoever is accepted by [insert name of Placing Agent] for the accuracy of any information or opinions contained in the Admission Document (as defined below), for which [insert name of Placing Agent] is not responsible, or for the omission of any material information from the Admission Document. Persons receiving this document should note that, in connection with the Placing (as defined below) and Admission, [insert name of PLACING AGENT] is acting exclusively for the Company and no-one else and will not be responsible to anyone other than the Company for providing the protections afforded to its customers or for advising any other...

Director’s questionnaire—secondary offers

Director’s questionnaire—secondary offers Private and confidential [Insert company name] (Company) Introduction Director's questionnaire For completion by [insert date] This questionnaire has been prepared in connection with the proposed [placing OR open offer OR rights issue] of [insert amount] ordinary shares of [insert nominal value] pence each in the capital of the Company (Ordinary Shares) and the proposed application for admission of the Ordinary shares to [listing on the Official List of the Financial Conduct Authority and to trading on the market for listed securities operated by London Stock Exchange plc OR trading on AIM] (Admission). This is an important document and you should answer all questions truthfully and without omissions. Please answer all questions fully and if insufficient space is provided please provide additional information on a separate sheet of paper duly signed, dated and attached to this questionnaire. If a question is answerable in the negative, please answer 'No'. Do not leave any section blank. In this questionnaire, the term 'company' includes any...

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What corporate governance requirements must be satisfied by a company whose securities are admitted to trading on AIM or the Main Market?

What corporate governance requirements must be satisfied by a company whose securities are admitted to trading on AIM or the Main Market? Written in partnership with Melissa Ratchev (Associate, Hogan Lovells International LLP) and Maegen Morrison (Partner, Hogan Lovells International LLP) (Associate, Hogan Lovells International LLP). Main market The UK regulatory framework relating to corporate governance for companies whose securities are admitted to the Main Market is primarily set out in the UK Corporate Governance Code (Code) and the Disclosure Guidance and Transparency Rules (DTRs), although note that there are also provisions relating to conduct and transparency in the Listing Rules (LRs). Code The Code sets out recommendations on effective board practice and governance which are divided into main principles, supporting principles and detailed provisions relating to leadership, effectiveness, accountability, remuneration and relations with shareholders (Sections A to E of the Code). The Code applies to all companies with a premium listing, regardless of whether or not they are incorporated in the UK. Standard listed companies...

How long does an AIM or Main Market IPO take?

How long does an AIM or Main Market IPO take? Written in partnership with Elly Dennis (Associate, Hogan Lovells International LLP) and Maegen Morrison (Partner, Hogan Lovells International LLP). Most companies will start working towards a listing around 4–6 months in advance of the anticipated admission date. Sometimes, if there is a particular need for capital or because of market conditions, an IPO will need to be completed as quickly as possible—in as little as three months or less. That said, the longer the company has to prepare for an IPO, the better. A typical 4–6 month book-built IPO process for a Main Market or AIM listing is summarised below. Four to six months before admission The company will appoint a financial adviser and sponsor (for a premium listing), a nominated adviser or 'Nomad' (for an AIM listing) or Key Adviser (for a High Growth Segment listing) and hold an 'all-hands kick-off meeting'. The meeting should be attended by all members of the transaction team, including the...

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Share Incentives weekly highlights—10 April 2025

This week's edition of Share Incentives weekly highlights includes (1) publication of the Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025, (2) LSE’s discussion paper on reforms to the AIM framework and rules, (3) new and updated guidance from HMRC on changes for non-domiciled individuals and (4) analysis from Deloitte and WTW on FTSE 100 remuneration reports for 2024 which have been published so far.

Banking & Finance weekly highlights—2 April 2020

This week’s edition of Banking and Finance weekly highlights includes: (1) UK should extend Brexit transition due to coronavirus (COVID-19), lead EU lawmaker says (2) London Stock Exchange sets out AIM temporary changes due to coronavirus (COVID-19), and (3) ESMA consults on EMIR REFIT technical standards on trade repositories.

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