Launch of high-growth segment of the main London Stock Exchange market
The London Stock Exchange (LSE) has announced that the new high-growth segment of its main market is now open for admission to trading. The LSE has also published the new rules for the high-growth segment following feedback from stakeholders, along with a template application form, an eligibility letter, an issuer declaration and a ‘key adviser’ declaration.
The new rules for the High Growth Segment have not changed substantively from the draft released by the LSE last month, other than:
- an amendment to the definition of “CAGR” to clarify that a four year range of financial data is required to demonstrate the 20% growth in audited consolidated revenue over a three year period; and
- to clarify the position for reverse takeovers, including the specific requirement that issuers must send an explanatory circular to shareholders and seek their approval for a reverse takeover, rather than seeking their approval for cancellation of admission…
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