In our last Legal News we brought you the news that the London Stock Exchange (LSE) had proposed changes to the Rules of the Alternative Investment Market (AIM) relating to:
- disclosure of the remuneration received by directors; and
- electronic communication to shareholder of annual reports and accounts and admission on a reverse takeover.
On 17 February, the LSE published AIM Notice 36 together with the February 2010 version of the AIM Rules (effective from 17 February 2010) confirming that the proposed changes to the Rules have been made.
Disclosure of directors’ remuneration
AIM Rule 19 has been amended to require disclosure of the following for each director in the company’s annual audited accounts in relation to financial years ending on 31 March 2010 or later:
- emoluments and compensation;
- share options and other long-term incentive plan details; and
- the value of any benefits through defined benefit or defined contribution pension schemes.
Electronic comunication with shareholders
Amendments to the Guidance Notes to AIM Rules 14 and 19 give all AIM companies the ability to send annual reports and accounts and admission documents on a reverse takeover to shareholders using electronic communications. These changes take immediate effect.
Irish Stock Exchange Market Name Changes
As part of a corporate rebranding exercise, the Irish Stock Exchange (ISE) is renaming two of its three securities markets with effect from 10 May 2010. The ISE’s Main Market (sometimes referred to as the Official List) will be renamed the Main Securities Market while the Irish Enterprise Exchange will be renamed the Enterprise Securities Market. There will be no name change for the Global Exchange Market.
