• Shares in public hands

    • MKT 2.3.10

      (1) If an application is made for the admission of a class of Shares, a sufficient number of Shares of that class must, no later than the time of admission, be in public hands.
      (2) For the purposes of Rule (1), a sufficient number of Shares will be taken to have been distributed to the public according to the following thresholds:
      (a) In the case of a market capitalisation of the Issuer of under $500 million, when 20% of the Shares for which application for admission has been made are in public hands;
      (b) In the case of a market capitalisation of the Issuer of $500 million or more and under $1 billion, when 15% of the Shares for which application for admission has been made are in public hands; and
      (c) In the case of a market capitalisation of the Issuer of $1 billion or more, when 12% of the Shares for which application for admission has been made are in public hands.
      (3) For the purposes of Rules (1) and (2), Shares are not held in public hands if they are held, directly or indirectly by:
      (a) a Director of the Applicant or of any of its Subsidiary Undertakings;
      (b) a Person connected with a Director of the Applicant or any of its Subsidiary Undertakings;
      (c) the trustees of an Employee Share scheme or pension fund established for the benefit of any Directors or Employees of the Applicant and its Subsidiary Undertakings;
      (d) any Person who under any agreement has a right to nominate a Person to the board of Directors of the Applicant; or
      (e) any Person or Persons in the same Group or Persons acting in concert who have an interest in 5% or more of the Shares of the relevant class.