Private censure and fine for breach of AIM Rules
An unnamed AIM company has been privately censured and fined £90,000 by the AIM Executive Panel. The company failed to notify the market, without delay, of transactions with known related parties, in breach of Rule 13 of the AIM Rules for Companies. It also breached Rule 31 by failing to take into account the advice of its nominated adviser (nomad) and failing to provide the nomad with complete information. Broadly, ‘related party’ under the AIM Rules means any current or recent director or substantial shareholder (or any associate of either). For these purposes ‘recent’ means the 12-month period preceding the transaction and substantial shareholder means anyone who controls the exercise of 10 per cent. or more of the votes able to be cast at a general meeting…
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