The Main Market High Growth Segment
Produced in partnership with Danette Antao of Hogan Lovells and Maegen Morrison of Hogan Lovells

The following Corporate practice note produced in partnership with Danette Antao of Hogan Lovells and Maegen Morrison of Hogan Lovells provides comprehensive and up to date legal information covering:

  • The Main Market High Growth Segment
  • Background
  • Key rulebooks
  • Eligibility requirements
  • Prospectus
  • Continuing obligations
  • Continuing eligibility requirements
  • Key advisers advice
  • Notifiable transactions
  • Other notifications to a RIS
  • More...

The Main Market High Growth Segment

On 27 March 2013, the London Stock Exchange (LSE) announced the launch of the High Growth segment of the Main Market (HGS).

Background

The HGS is intended to be a launch pad for high growth UK and European businesses with ambitious plans for further growth and a potential listing on the Official List (Official List) of the Financial Conduct Authority (FCA).

The HGS allows a company to:

  1. raise capital on a public platform

  2. set up appropriate standards of investor protection, and

  3. generally 'get their house in order' before they are eligible for a listing on the Official List

The HGS complements the LSE's existing main market for listed securities (Main Market) and AIM, providing a greater choice of fundraising platforms for a company seeking new capital.

The launch came in response to the market's demand for a new route to the equities market for UK and European companies seeking growth opportunities but who were, as yet, unable to meet the eligibility requirements of the Official List (in particular, the free float requirements).

Key rulebooks

As a segment of a UK regulated market, a company admitted to the HGS or applying for admission, must comply with:

  1. the Disclosure Guidance and Transparency Rules (DTR)

  2. the Prospectus Regulation Rules

  3. the Admission and Disclosure Standards

  4. the Rules of the LSE (in relation to trading of securities), and

  5. the HGS rulebook

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