AIM Company’s Checklist

In March 2018, the London Stock Exchange published an amended version of the AIM Rules for Companies, known as AIM Notice 50.

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While much of this content refers to the admission of a Company onto the AIM market, there have been changes to the regulation of AIM listed companies with regards to corporate websites. This information is listed below, and you can use it as a checklist when looking through your own website.

From September 2018, each AIM company must from admission maintain a website in which the following information should be available free of charge:

  1. A description of its business and, where it is an investing company, its investing policy and details of any investment manager and/or key personnel

  2. Its country of incorporation and main country of operation

  3. Its current constitutional documents (e.g. its articles of association)

  4. Details of any other exchanges or trading platforms on which the AIM company has applied or agreed to have any of its securities (including its AIM securities) admitted or traded

  5. The number of AIM securities in issue (noting any held as treasury shares) and, so far as it is aware, the percentage of AIM securities that is not in public hands together with the identity and percentage holdings of its significant shareholders. This information should be updated at least every six months and the website should include the date on which this information was last updated

  6. Details of any restrictions on the transfer of its AIM securities

  7. The annual accounts published pursuant to rule 19 for the last three years or since admission, whichever is the lesser, and all half-yearly, quarterly or similar reports published since the last annual accounts pursuant to rule 18, and from 3 January 2018 the annual accounts published (on or after that date) pursuant to rule 19 and all half-yearly, quarterly or similar reports published (on or after that date) pursuant to rule 18 must be posted and maintained on its website for a period of at least five years

  8. All notifications the AIM company has made in the past twelve months. An AIM company must also post and maintain on its website for a period of at least five years all inside information it is required to disclose publicly by Market Abuse Regulation (MAR) on or after 3 January 2018

  9. Its most recent admission document together with any circulars or similar publications sent to shareholders within the past 12 months and for a period of at least five years any Prospectus it has published on or after 3 January 2018

  10. Details of a recognised corporate governance code that the board of directors of the AIM company has decided to apply, how the AIM company complies with that code, and where it departs from its chosen corporate governance code an explanation of the reasons for doing so. This information should be reviewed annually and the website should include the date on which this information was last reviewed

  11. The names of its directors and brief biographical details of each, as would normally be included in an admission document

  12. A description of the responsibilities of the members of the board of directors and details of any committees of the board of directors and their responsibilities

  13. Where the AIM company is not incorporated in the UK, a statement that the rights of shareholders may be different from the rights of shareholders in a UK incorporated company

  14. Whether the AIM company is subject to the UK City Code on Takeovers and Mergers, or any other such legislation or code in its country of incorporation or operation, or any other similar provisions it has voluntarily adopted

  15. Details of its nominated adviser and other key advisers (as might normally be found in an admission document)

While this may seem like quite a list to go through, each element is important for users, particularly investors, in understanding the structure and strengths of your company. For example, having a list of directors and biographies also aids in demonstrating strong leadership and accountability, key factors when understanding a company.

If having looked through your site, you decide your website needs a little TLC, or you would like us to do a more thorough review, then get in touch to see how we can make your life easier!