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Summary of Listing Requirements

 

General Requirements

  • All submissions must be in English;
  • No cash shells;
  • The directors of a company must not have the power to allot or issue securities without the prior approval of the shareholders by means of general or specific authority approved by an ordinary resolution;                           
  • Securities must be fungible;
  • Securities must be eligible for electronic settlement;
  • Website must provide details of country of incorporation, registered office, financials and pre-listing statement/prospectus.
  • The lock-in period applies to a primary listing which is being admitted to the Trop-X list of securities for the first time;
  • All securities must have an ISIN number;
  • All issuers must retain the services of a sponsor advisor, company secretary and external auditor;
  • Information must be disclosed on Trop-X no later than it is disclosed elsewhere.

Specific requirements

Main Board

SME

VCAP

Minimum Public  Shareholders

A minimum of 25% by at least 60 people.

A minimum of 15% by at least 20 people.

A minimum of 10% by at least 5 people.

Executive Directors

Minimum of two directors and one non-executive director.

Minimum of two directors.

Minimum of two directors.

Financial Statements

Must show three years of audited financial statements.

Must show one year of audited financial statements.

No profit history required, but must be able to show 5 year projections.

Admission Documents

Prelisting Statement is required.

Prospectus is required if listing via IPO.

Same as Main Board Requirements

Prelisting Statement is required with funding milestones being stipulated.

Prospectus is required if listing via IPO.

Closed Period

Yes.

Yes.

Yes.

Lock-in Period

No.

Six months from the date of listing.

Applicable until such time as the funding milestones have been met to the satisfaction of the Sponsor Advisor and Listing Committee.

Accounting Standards

IFRS

IFRS

IFRS

Additional Requirements

N/A

N/A

All funds must be held in Escrow or Trust Account.

On-going Requirements

Publish interim reports on a half-yearly basis.

Retain a Sponsor Advisor.

Disclose significant and related-party transactions.

Same as Main Board Requirements

Same as Main Board Requirements