Aquis Exchange

AQSE Growth market is designed specifically to enable smaller and medium sized companies from across all industry sectors to raise equity funding. AQSE Growth Market has 2 segments, Access (AXS) and Apex (APX). The Access segment is designed for companies that are at an earlier stage in their growth and the eligibility criteria for this segment are simple and straight forward. It is feasible for companies without a trading record to join (with a minimum fundraising of £750,000). The Apex segment is designed for slightly larger companies and the eligibility to the APEX sector requires a company to have a minimum of 2 years trading record and a minimum £10m market capitalisation.

• The AQSE offers a streamlined admission process for companies with no requirement for a prospectus.
• The market offers lower joining fees than the London Stock Exchange operated markets ( AIM and The Main Market)
• The ongoing costs associated with a listing on the AQSE Growth Market are also lower than those associated with the London Stock Exchange operated markets.
• AQSE Growth Market investors benefit from the markets status with HMRC as a Recognised Growth Market whichmeans trades are exempted from stamp duty Other benefits include tax reliefs for capital gains and inheritance tax.

The admission process and on-going regulation for both the Access (AXS) segment and Apex (APX) Segment enable companies to focus more on running their businesses, rather than be disrupted by unnecessary red tape and over regulation.

For companies joining Access (ASX) The streamlined admission process requires that the companies publish an admission document, maintain at least one market maker and have a minimum of 10% of their shares in public hands at admission. Companies with a trading record of fewer than 2 years are required to raise a minimum of £750,000 at the time of admission.

Companies joining the Apex (APX) market require a minimum market capitalisation of £10m and a trading history of no less than two years. They are also required to place a minimum of 25% of the company’s chares in public hands at listing.

• Demonstrate appropriate levels of corporate governance including having at least one independent non-executive director
• Have published audited financial reports no more than nine months prior to the date of admission to trading
• Have at least 12 months’ working capital
• Have no restrictions on the transferability of shares
• Issue shares which are eligible for electronic settlement

To join the Aquis Main Board, companies are required to produce a prospectus approved by the UKLA or other EU competent authority under the Prospectus Directive. The Application for Admission to the Aquis Main Board is made at the same time as application to the UKLA (or other EU competent authority for listing) for admission to the Official List under a Premium or Standard Listing.

As with joining any Stock Market, it is prudent to assess the viability of a flotation on Aquis before deciding to go ahead with a flotation, and certainly prior to incurring significant advisor fees. A feasibility exercise should be undertaken confidentially to provide your senior management team with an accurate, impartial assessment as to relative benefits and drawbacks for your company’s particular circumstances. Once this is completed, your management team will be able to make a firm decision about if, and when to proceed with a flotation on The Aquis Growth Market.

The AQSE Main Market is a market designed for larger companies with a track record of over three years. Those Companies that join the market will be required to comply with the requirements of the UK Official List. They will also be required to comply with higher levels of Corporate Governance standards The AQSE Main Market is regulated by the UK Listing Authority and enables companies to access a very broad range of stock market investors including both retail and institutional.

AQSE has put in place a fast-track admission [process for companies that are seeking tom join the market and are already listed on other qualifying stock markets .