Altona Rare Earths plc said that, following the Financial Conduct Authority (FCA)’s recent change in policy, it could still continue its application for admission to the London Stock Exchange (LSE)’s Main Market.
MINIMUM MARKET CAPITALISATION
The company added that as a result of the policy statement, from 3 December 2021, all companies seeking to list premium or standard listed shares must have a minimum market capitalisation (MMC) of at least £30 million.
This has increased from the previous threshold of £700,000.
COMPLETION DATE
Altona said it had already made a completed submission to FCA for a listing eligibility review before publication of the statement, so the company could take advantage of the transitional provisions in the statement.
“Under the transitional provisions, companies can apply for a listing based on the previous MMC of £700,000 provided they have applied to list by 2 June 2023.
“Altona is therefore continuing with its application for admission to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange’s Main Market for listed securities, which it hopes to complete in the first quarter of 2022.”
The company added it had appointed Novum Securities Ltd as its financial adviser for the admission process.