STAR Requirements
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
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 75 days from half year end |
Annual report |
If within 90 days from year end no need for IV quarter report |