The following Corporate practice note provides comprehensive and up to date legal information covering:
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
SIX Swiss Exchange
Official List of the Financial Conduct Authority, and
any EU regulated market or SME Growth Market as defined in the Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and registered in accordance with that directive.
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 AIM Designated Market Route publication provides that if a business has changed substantially eg made a large acquisition in that period, it is possible that the entity will not be able to use the ADMR)
have as its latest published annual report and accounts, an annual report and account with a financial year end not more than nine months prior to admission (or where more than nine months have
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Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and considered against the general background of
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