LR 6.11 Specialist companies: scientific research based companies
1Where a scientific research based 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)
the scientific research based company must have published or filed historical financial information since the inception of its business; and
- (2)
the following apply to the scientific research based company only with regard to the period for which it has published or filed historical financial information under (1):
- (a)
LR 6.2.1R(2), LR 6.2.1R(3) and LR 6.2.1R(4) (content of historical financial information); and
- (b)
LR 6.2.4R and LR 6.2.6R (audit requirements for historical financial information).
- (a)
1If the scientific research based company does not comply with either LR 6.2.1R(1) (minimum period for historical financial information) or LR 6.3.1R (revenue earning track record), it must:
- (1)
demonstrate its ability to attract funds from sophisticated investors prior to the marketing at the time of listing;
- (2)
intend to raise at least £10 million pursuant to a marketing at the time of listing;
- (3)
have a capitalisation, before the marketing at the time of listing, of at least £20 million (based on the issue price and excluding the value of any equity shares which have been issued in the six months before listing);
- (4)
have as its primary reason for listing the raising of finance to bring identified products to a stage where they can generate significant revenues; and
- (5)
demonstrate that it has a three year record in laboratory research and development including:
- (a)
details of patents granted or details of progress of patent applications; and
- (b)
the successful completion of, or the successful progression of, significant testing of the effectiveness of its products.
- (a)