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Status: You are viewing the version of the handbook as on 2018-07-01.

LR 21.2 Requirements for listing: Equity shares

LR 21.2.1R

1To be listed, an applicant must comply with:

  1. (1)

    LR 2 (Requirements for listing: All securities);

  2. (2)

    LR 6 (Additional requirements for premium listing (commercial company)) except LR 6.1.1R and subject to the modifications and additional requirements set out in LR 21.2.2G to LR 21.2.5R; and

  3. (3)

    LR 21.2.6R and LR 21.2.7R.

LR 21.2.2G

1For the purposes of LR 21.2.1R(2), in LR 6.4.3G factors that may indicate that an applicant does not satisfy LR 6.4.1R also include situations where an applicant has granted or may be required to grant security over its business in connection with the funding of a sovereign controlling shareholder.

LR 21.2.3R

1For the purposes of LR 21.2.1R(2), in LR 6.5 references to a controlling shareholder must be read as excluding a sovereign controlling shareholder.

LR 21.2.4R
LR 21.2.5R

1LR 21.2.1R(2) does not apply where:

  1. (1)

    the applicant meets the following conditions:

    1. (a)

      it has an existing premium listing (sovereign controlled commercial company) of equity shares;

    2. (b)

      it is applying for the admission of equity shares of the same class as the shares that have been admitted to premium listing; and

    3. (c)

      it is not entering into a transaction classified as a reverse takeover; or

  2. (2)

    the following conditions are met:

    1. (a)

      a company has an existing premium listing (sovereign controlled commercial company) of equity shares;

    2. (b)

      the applicant is a new holding company of the company in (a); and

    3. (c)

      the company in (a) is not entering into a transaction classified as a reverse takeover.

LR 21.2.6R
LR 21.2.7R

1To comply with LR 21.2.6R, a State which is a sovereign controlling shareholder must be either:

  1. (1)

    recognised by the government of the UK as a State at the time the application is made; or

  2. (2)

    the UK.