London is one of the World Financial Centres. Companies listed on a UK exchange have access to unrivalled liquidity with deep pools of capital

UK investors have always been comfortable with investing in non-UK businesses with overseas assets

The listing regimes for mid-cap companies are designed to be inexpensive and flexible and encouraging of growth

For Dual Listing companies, the listing requirements are particularly flexible

For mid-cap companies there are two realistic options:

1) Standard List

2) AIM

There are other markets available such as NEX (generally for smaller, startup businesses) and the Premium List (generally for larger companies)

The following table explains the differences between the two exchanges

Note 1 – Free Float

The Standard List free float requirements are 25% minimum EEA shareholding. Shareholdings of more than 5% do not qualify. Shareholdings of Directors do not qualify.

AIM has a “suitability test” but in reality, AIM is moving closer and closer to the Standard List model and as such there will be an expectation of a significant EEA free float

Note that for the purposed of “free float”, the free float of companies already listed on ASX, for example, will be regarded as qualifying free float

Note 2 – Admission

In theory AIM has a fast track Admission process for dual listing. However, in practice, NOMADs will require a full Admission document which is practically the same as the Standard List’s Prospectus in terms of length and complexity

Note 3 – Significant Transactions

The AIM class tests restrict the Company’s ability to enter into “significant transactions” without the issuance of a new Admission document

Note 4 – Lock In

Whilst the Standard List requires “good market practice” regarding lock ins, in practice the AIM rules are followed ie. 12 months

Note 5 – Financial Statements

For both AIM and Standard List, a Company seeking a dual list and on a recognised exchange will require no additional audit for listing in UK. All audited historical financial statements will be incorporated into the Prospectus/Admission Document by reference