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A company willing  to be admitted to STAR, representative segment of the Italian excellences, needs to respect the following requirements and in particular:

LIQUIDITY

  • Capitalization from €40 million to €1 billion
  • Free float corresponding to at least 35% of capital
  • Presence of a specialist

TRANSPARENCY AND COMMUNICATION

  • Information also available to investors in English on the website
  • Compulsory investor relations manager
  • Six-monthly report within 75 days of the close of the half-year* / annual report within 90 days of the close of the financial year with exemption as regards the fourth quarterly report

* This timing will be applied from January 2018

GOVERNANCE

  • Presence of independent directors on Board of Directors
  • Internal committees established by Board of Directors
  • Incentive compensation for top management

The following tables clearly summarize the formal requirements needed in order to be part of the STAR Segment. Nelle due tabelle di seguito riassumono in modo immediato i requisiti formali richiesti per STAR in fase di IPO e post-IPO.

KEY ELIGIBILITY CRITERIA

 

STAR

Free float

35%

Audited fin. statements

3

GAAP

International

Investors

Institutional / Retail

Other documents

Prospectus / MIS / Business Plan / QMAT

Market cap (€)

Min € 40 m – Max 1 bn

BOD (n.indipendent directors)

Mandatory (Rules)

Internal audit committee

Mandatory

Remuneration committee

Mandatory

Incentives to the top management

Mandatory (performance-related remuneration)

Investor Relator

Mandatory

Web site

Mandatory

Main Advisor

Sponsor / Global coordinator


KEY CONTINUING OBLIGATIONS

 

STAR

Corporate Governance

Partly mandatory

Specialist

Mandatory (liquidity provider / 2 researches / meetings with investors)

Disclosure

Price sensitive information and M&A (TUF and Consob Rules on Issuers)

Related parties

Procedures and reporting requirements

Quarterly data

I-III quarterly report within 45 days from quarter end

Half year data

Within 60 days from half year end

Annual report

If within 90 days from year end no need for IV quarter report