Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

LR 6.10 Specialist companies: mineral companies

LR 6.10.1RRP

1Where a mineral company applies for the admission of its equity shares to a premium listing and cannot comply with the minimum three-year period required in LR 6.2.1R(1) because it has been operating for a shorter period:

  1. (1)

    the mineral company must have published or filed historical financial information since the inception of its business; and

  2. (2)

    the following apply to the mineral company only with regard to the period for which it has published or filed historical financial information pursuant to (1):

    1. (a)

      LR 6.2.1R(2), LR 6.2.1R(3) and LR 6.2.1R(4) (content of historical financial information); and

    2. (b)

      LR 6.2.4R and LR 6.2.6R (audit requirements for historical financial information).

LR 6.10.2RRP

1LR 6.3.1R (revenue earning track record) does not apply to a mineral company that applies for the admission of its equity shares to a premium listing.

LR 6.10.3RRP
  1. (1)

    1This rule applies if the mineral company applies for the admission of its equity shares to premium listing and cannot comply with LR 6.6.1R (control of business) because the mineral company does not hold controlling interests in a majority (by value) of the properties, fields, mines or other assets in which it has invested.

  2. (2)

    The mineral company must demonstrate that it has a reasonable spread of direct interests in mineral resources and has rights to participate actively in their extraction, whether by voting or through other rights which give it influence in decisions over the timing and method of extraction of those resources.