UKLR 14.2 Requirements for listing

1. (1)

    Where an applicant is applying for the admission of a class of equity shares to listing in the equity shares (international commercial companies secondary listing) category, a sufficient number of shares of that class must, no later than the time of admission, be distributed to the public.

2. (2)

    For the purposes of paragraph (1):

   1. (a)

       a sufficient number of shares will be taken to have been distributed to the public when 10% of the shares which will be in issue when admission to listing becomes effective as set out in UKLR 20.2.7G are in public hands; and

   2. (b)

       treasury shares are not to be taken into consideration when calculating the number of shares of the class.

3. (3)

    For the purposes of paragraphs (1) and (2), shares are not held in public hands if they are:

   1. (a)

       held, directly or indirectly, by:

      1. (i)

          a director of the applicant or of any of its subsidiary undertakings;

      2. (ii)

          a person connected with a director of the applicant or of any of its subsidiary undertakings;

      3. (iii)

          the trustees of any employees’ share scheme or pension fund established for the benefit of any directors and employees of the applicant and its subsidiary undertakings;

      4. (iv)

          any person who, under any agreement, has a right to nominate a person to the board of directors of the applicant; or

      5. (v)

          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; or

   2. (b)

       subject to a lock-up period of more than 180 days.

To be  admitted to listing, equity shares must:

1. (1)

    have a qualifying home listing;

2. (2)

    be capable of being traded on the market of the qualifying home listing; and

3. (3)

    be in the same class as the equity shares admitted to trading pursuant to the qualifying home listing.