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Differently from regulated markets, AIM Italia 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
  • 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).
  • no particular corporate governance requirements are provided
  • no specific economic-financial requirements are provided

It is the market itself, thanks to the Nomad (Nominated Adviser) figure, which defines the ideal size of the company that will be admitted to the market, the free float that will be appropriate 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 company's industrial sector track record, growth perspectives and will advise the company on the concrete feasibility of a listing process.

The principal requirement that a company must satisfy for being admitted to AIM Italia is that of providing itself with a Nomad 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 market rules requirements.

During the admission phase, the company must only prepare the admission document, which shows useful information for the investors on their activities, their management, their shareholders and their financials. After the listing of a company, 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.

In the two tables below you will see the pre and post formal requirements on AIM Italia.

Key eligibility criteria

 

AIM Italia

Free float

10%

Audited fin. statements

1 (if existing)

GAAP

Italian or International / USA

Investors

Institutional

Other documents

Admission document

Market cap (€)

No formal requirements

BOD (n.indipendent directors)

No formal requirements

Internal audit committee

No formal requirements

Remuneration committee

No formal requirements

Incentives to the top management

No formal requirements

Investor Relator

Not mandatory

Web site

Mandatory

Main Advisor

Nomad

Key continuing obligations

 

AIM Italia

Corporate Governance

Optional

Specialist

Mandatory (liquidity provider)

Disclosure

Price sensitive and extraordinary operations required

Takeover code

OPA Statutaria Statutory OPA

Related parties

Easy procedures and disclosure obligations

Quarterly data

NO

Half year data

Yes – within 3 months from the closing half

Annual report

Yes – publication within 6 months from the exercise closing