The London Stock Exchange has introduced new temporary measures to support AIM-listed companies and their nominated advisers in light of the Coronavirus pandemic.
The temporary measures include the following:
- Temporary suspension of trading - where an AIM company requires more time to make a fully compliant notification of material developments than would ordinarily be the case in normal circumstances, a temporary suspension of trading may be granted for a limited period to enable the company to make a fully compliant notification.
- Suspended AIM companies – AIM Regulation now has discretion to extend the length of time that an AIM company may be suspended before its securities are cancelled from 6 months to 12 months. This applies to any AIM company that has been suspended between 30 September 2019 and 1 July 2020.
- Engagement responsibilities for a nominated adviser – AIM Regulation have temporarily suspended the requirement for nominated advisers to undertake a physical site visit to an AIM company's material place of operations as part of their due diligence when taking on a new client (provided they do so when travel restrictions have been lifted).
The measures will apply at AIM Regulation's discretion until further notice.
Full details of the temporary measure can be found here.