LISTED TIER MARKET (MAIN BOARD) REQUIREMENTS

Rule 4.25 of the LuSE Listing Rules & Requirements sets out the requirements of listing. An applicant must satisfy the setout criteria though these are not ultimately cast in stone but at the discretion of the LuSE Board.

1. A subscribed capital (including reserves but excluding minority interests, revaluations of assets that are not supported by a valuation by an independent professional expert acceptable to the Board prepared within the last six months and intangible assets) of at least K250,000,000.

2. Not less than 1,000,000 equity shares in issue

3. A satisfactory profit history for the preceding three financial years

4. 25% of each class of equity shares shall be held by the public, unless otherwise agreed with the Board.

5. The number of public shareholders of listed securities shall be at least 300 for equity shares; 25 for preference shares; and 10 for debentures

6. The minimum initial issue price of securities shall be agreed with the Board.

Registration of securities with the Securities and Exchange Commission (SEC)

1. Obligation to observe listing rules

2. Public disclosure of material information likely to affect financial position of the issuer, or necessary to enable investors make informed investment decisions

3. Publication of cautionary announcement whenever in possession of price sensitive information

4. Publication of dividend & particulars of declarations

5. Publication of interim & annual financial statements after first six months of financial year and within 3 months after financial year, respectively

6. Shareholder approval for & publication of any alteration to capital structure and shareholder rights

7. Treat shareholders equally

8. Shareholder approval and publication of any acquisition or disposal of company assets of significant sizes

9. Shareholder approval and publication  of any transaction between a listed company and any of its shareholders, directors, advisors or their associates.

10. LuSE approval of all documentation intended for publication or circulation to shareholders.

1. Public disclosure of material information likely to affect financial position of the issuer, or necessary to enable investors make informed investment decisions
2. Publication of dividend declarations, record date and when payable
3. Publication of interim & annual financial statements after first six months of financial year and within 3 months after financial year, respectively