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New website rules for companies on the Alternative Investment Market (AIM)

Published: 23 February 2007

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By: Nick Tatt

IR website solutions

Over the past few years the Alternative Investment Market (AIM) has attracted an increasing amount of companies looking to raise money. Aim has been very succussful and has matured into one of the world’s preferred markets to tap investors for money.

With this maturity comes a price: the popularity of AIM has made the London Stock Exchange review some of the requirements of admission. In a consulation document first published in October 2006 the LSE put forward a series of proposals. In particular it states, under Rule 26, that each AIM company must from admission maintain an up-to-date website.

New AIM rules

These proposals are now in place and are a requirement for all Alternative Investment Market (AIM) listed companies. According to the AIM rules for companies each AIM company must from admission maintain a website on 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 strategy;
  2. the names of its directors and brief biographical details of each, as would normally be included in an admission document;
  3. 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;
  4. its country of incorporation and main country of operation;
  5. 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;
  6. its current constitutional documents (e.g. its articles of association);
  7. 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;
  8. 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.
  9. details of any restrictions on the transfer of its AIM securities;
  10. 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;
  11. all notifications the AIM company has made in the past 12 months;
  12. its most recent admission document together with any circulars or similar publications sent to shareholders within the past 12 months; and
  13. details of its nominated adviser and other key advisers (as might normally be found in an admission document).

Download the complete AIM Rules for companies

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