Excemptions From Listing Particulars

Question 1

What does it mean to be a “qualified investor”?

Answer 1

1. These are investors who are, or may elect to become professional clients or eligible counter parties.
2. Usually “wealthy” investors

Question 2

Retail clients who elect to become professional clients must meet at least two of the following criteria:

Answer 2

1. Carried out transactions of a significant size over €1000 on security markets at an average of at least 10 trades per quarter for the last 4 quarters
2. Security portfolio exceeding €500,000 and/or
3. Work or have worked for at least 1 year in the financial sector in a professional position with knowledge in security investment.

Question 3

Listing authority must approve listing particulars or a prospectus prior to listing unless:

Answer 3

1. Offer is made to “qualified investors”
2. Offer is made to less than 150 persons other than qualified investors in the UK
3. Minimum investment per investor is equal to or greater than €100,000
4. Less than 20% of a company’s shares (of the same type or class) are already allowed to be bought and sold on a regulated market, but these shares were not offered to the public through a new sale (public offer). They are simply allowed to be traded on the market.