AIM Rules Review
Following a consultation phase which commenced in October 2006, the formal changes in AIM Rules were announced on 20 February 2007.
For IR communication, there are fundamental changes and the recognition that web sites are an important means of communicating with investors and, indeed, all audiences. All AIM companies have a six-month introduction period so that, by 20 August, there is full compliance.
The specific requirements of the new regulations are as follows:
From admission, all AIM Companies must maintain on their web sites, free of charge, the following information:
- a description of its business and. where it is an investing company, its investing strategy;
- the names of its directors and brief biographical details of each, as would normally be included in an admission document;
- 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;
- its country of incorporation and main country of operation;
- 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;
- its current constitutional documents (e.g. its articles of association);
- 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;
- the number of AIM securities in issue (noting any held as treasury shares) and, insofar 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 6 months.
- details of any restrictions on the transfer of its AIM securities;
- its most recent annual report published pursuant to rule 19 and all half-yearly, quarterly or similar reports published since the last annual report pursuant to rule 18;
- all notifications the AIM company has made in the past 12 months;
- its most recent admission document together with any circulars or similar publications sent to shareholders within the past 12 months; and
- details of its nominated adviser and other key advisers (as might normally be found in an admission document).
