Watson, Farley & Williams discuss recent changes to the rules of the AQSE Growth Market to extend these to special purpose acquisition companies and investment companies.
The AQSE comprises two primary markets (AQSE Main Market and AQSE Growth Market, which is divided into two segments – Access and Apex) and it is the Access segment of the AQSE Growth Market which has been subject to recent changes effective from Dec. 8.
SPACs and investment companies have been brought within the scope of new rules on admission through the definition of ‘Enterprise Company’ being added to the Access Rulebook:
“an issuer whose predominant purpose or objective is to undertake an acquisition or merger, or a series of acquisitions or mergers, or to finance and/or invest in securities or businesses”.
The updated Access Rulebook confirms that Enterprise Companies will now need to:
- raise a minimum of £2m prior to or at admission;
- have a market capitalisation value at admission of no more than two times the value of the company’s net tangible assets; and
- have a minimum free float of 25% at admission. Read more.
