The Companies

Listing on AIM Italia – Alternative Capital Market: Admission criteria

Differently from regulated markets, AIM Italia – Alternative Capital Market establishes only few minimum admission criteria. The basic requirement is the continuous presence of the Nomad both in the pre-admission and post-admission stages. No minimum or maximum size of the company in terms of capitalization is provided, whilst a minimum threshold of shares on the markets in terms of floating is provided, which must be at least equal to 10% (divided at least among 5 professional investors or 10 investors 2 of which must be professional). As far as corporate governance is concerned, no particular requirements and no specific economic-financial requirements are provided.

It is the market itself, thanks to the Nomad figure, which defines the ideal size of the company that will be concretely admitted to the market, the floating that it will be appropriate to distribute for ensuring adequate liquidity to the security and the facilities in terms of governance for protecting minority shareholders.

During the preliminary meetings, the Nomad will evaluate the potential appreciation of the company by the investors, on the basis of the general market context, the sector of appurtenance, the track record, growth perspectives and will advise the company with regard to the advisability to undertake the listing process.

The principal requirement that a company must satisfy for being admitted to AIM Italia – Alternative Capital Market is that of providing itself with a Nomad (Nominated Adviser) who must accompany and follow it, starting from the admission phase and throughout the subsequent period of permanence on the market with a continuous tutoring activity, in order to enable the company to always comply with the fulfilments provided by the market rules.

During the admission phase, the company must only prepare the admission document, which shows useful information for the investors relating to the activities of the company, the management, the shareholders and economic-financial data.

After a company is listed, it must file no quarterly management reports, but only the financial statements and the semi-annual report and it must publish no additional documentation for making any subsequent capital increases.

The listing process on AIM Italia – Alterative Capital Market is very smooth, with a considerable reduction of time in the admission process compared to regulated markets.

Below is a theoretical timing for listing on AIM Italia – Alterative Capital Market:

Before starting the listing process it is appropriate to perform an accurate analysis of the corporate and management aspects and to plan in the course of time the preparatory activities, for maximizing the benefits of the listing.

The preparation of a robust credible industrial plan, a refining, if any, of the management control system and full understanding of the investment criteria of investors, will make the listing process more effective.

For the purpose of structuring the company for accessing the market of capitals or evaluating the entry of institutional investors with a gradual and poorly invasive approach it is possible to avail oneself of the ELITE program.

For additional information on the admission criteria and the listing process or for an informal confidential meeting, please, contact the Relationship Manager of Borsa Italiana asking for a telephone conference or a meeting