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LR TR 16 Transitional Provisions in relation to market capitalisation under LR 2.2.7 R(1)

1Transitional provisions for applications for admission to listing

(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision coming into force

1.

LR 2.2.7 R(1)

R

These transitional provisions apply to an applicant for the admission of shares:

3 December 2021

Indefinite

3 December 2021

(a)

that has made a complete submission to the FCA for an eligibility review for listing by 4:00pm on 2 December 2021;

(b)

whose submission for an eligibility review for listing has not been withdrawn or lapsed;

(c)

that makes an application for listing in accordance with LR 3 on or before 2 June 2023; and

(d)

whose overall business proposition has not materially changed between its submission in (a) and when it applies for listing in (c).

[Note: guidance on submissions for an eligibility review for listing can be accessed on the FCA’s Knowledge Base at https://www.fca.org.uk/markets/ primary-markets/knowledge-base.]

2.

LR 2.2.7 R(1)

R

The expected aggregate market value of all shares (excluding treasury shares) to be listed must be at least £700,000.

3 December 2021

Indefinite

3 December 2021

Transitional provisions for shell companies

(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision coming into force

1.

LR 2.2.7 R(1)

R

These transitional provisions apply to a shell company:

3 December 2021

Indefinite

3 December 2021

(a)

that had a listing of shares or certificates representing equity securities immediately before 3 December 2021; and

3 December 2021

Indefinite

3 December 2021

(b)

that makes complete submissions to the FCA for an eligibility review for listing and a prospectus review in relation to its proposed application for listing in accordance with LR 5.6.21R by 4:00pm on 1 December 2023; and

(c)

whose submissions for an eligibility review for listing and a prospectus review have not been withdrawn or lapsed.

[Note: guidance on submissions for an eligibility review for listing and a prospectus review can be accessed on the FCA’s Knowledge Base at https://www.fca.org.uk/markets/ primary-markets/knowledge-base.]

2.

LR 2.2.7 R(1)

R

The expected aggregate market value of all shares (excluding treasury shares) to be listed must be at least £700,000.

3 December 2021

Indefinite

3 December 2021

Transitional provisions for issuers of listed shares

(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision coming into force

1.

LR 2.2.7 R(1)

R

These transitional provisions apply to an issuer (except a closed-ended investment fund or an open-ended investment company) that:

3 December 2021

Indefinite

3 December 2021

(a)

had at least one class of listed shares immediately before 3 December 2021;

(b)

continues to have at least one class of listed shares; and

(c)

is applying for another class of shares to be listed.

2.

LR 2.2.7 R(1)

R

The expected aggregate market value of all shares (excluding treasury shares) to be listed must be at least £700,000.

3 December 2021

Indefinite

3 December 2021