Aquis Stock Exchange (AQSE) launches rule changes and new market segments

AQSE is delighted to announce that the proposed changes to the Aquis Stock Exchange (AQSE) Growth Market rules come into effect today, 14 December 2020. Details can be found on our website.

The AQSE Growth Market is now divided into two segments, 'Access' and 'Apex', with different admission criteria to provide appropriate support across companies' growth cycles. The Access segment will focus on earlier stage growth companies, while Apex is intended for larger, more established businesses.

As of today:

• New admissions to the Access segment will publish an admission document specifically tailored to small cap companies, with proportionate disclosure requirements;
• The Access segment will accept SPACs with a minimum market cap of £700,000;
• New admissions to the Apex segment will be required to publish a growth prospectus, allowing private investor participation in their IPOs; and
• Companies on the Apex segment will be protected from short selling by third parties

Companies in the Apex segment include: banking company Arbuthnot Banking, private equity investment company EPE Special Opportunities, winery Chapel Down, breweries Shepherd Neame and Daniel Thwaites, and private healthcare provider Rutherford Health. Following these rule changes Apex companies must have:

• A minimum market capitalisation of £10 million
• At least 25% shares in public hands
• At least 2 market makers
• A minimum 2 years' trading history
• Adopted a recognised governance code, such as the QCA Code

The rule changes mark the end of the consultation launched on 1 May 2020 and have been developed to enhance AQSE and increase support from both retail and institutional investors.

Additionally, as announced on 23 November, the market maker incentive scheme, which has been designed to increase liquidity on the exchange, will come into effect on the 4 January 2021.

Commenting on the changes coming into effect, Alasdair Haynes, CEO of Aquis said:

"I am delighted to see the new rules in place across Aquis Stock Exchange today. I genuinely believe that whilst providing a strong regulatory framework, they will make the market work better for all those that use it and help to update the stock exchange for the current day, fit to service the needs of modern businesses.

Private investors are rightly becoming ever more vocal in their demand for better information and equal access. We support this, and through requiring companies joining Apex to publish a growth prospectus we are providing a way for them to be part of a company's growth journey right from the point of floatation.

This is just one example of the work we have undertaken to create a better, more supportive marketplace for all. We look forward to welcoming many more great growth businesses to Aquis Stock Exchange in due course."