On 10 January 2008, the London Stock Exchange issued AIM Notice 29 as an update to AIM Rule 26 which requires all AIM companies to maintain a website containing their key corporate information.
Rule 26 was published on 20 February 2007 and there was a six month period for its implementation. This period ended on 20 August 2007 and immediately afterwards the Stock Exchange undertook an exercise to assess compliance with this Rule. As a result of this assessment, disciplinary action for non-compliance was taken against nine AIM companies. The fines imposed totalled £95,000. Three companies appealed against the fines but none were successful. In addition to these fines, Warning Notices were issued to a few other AIM companies for less serious breaches of AIM Rule 26. Investor Relations (IR) Website Best Practice Guide
Guidance on how to comply with AIM Rule 26 is available via the IR Website Best Practice Guide which was compiled by RNS (the company news service from the London Stock Exchange). The guide also includes access to web templates which can be used as the basis for AIM companies to build a Rule 26 compliant IR website.
Summary of requirements for AIM companies*
Each AIM company must, from admission, maintain a website on which the following information should be available, free of charge.
- A description of its business and, where it is an investing company, its investing strategy;
- The names of its directors and brief biographical details of each, as would normally be included in an admission document;
- A description of the responsibilities of the members of the board of directors and details of any committees of the board of directors and their responsibilities;
- Its country of incorporation and main country of operation;
- Where the AIM company is not incorporated in the UK, a statement that the rights of shareholders may be different from the rights of shareholders in a UK incorporated company;
- Its current constitutional documents (eg its articles of association);
- Details of any other exchanges or trading platforms on which it has applied or agreed to have any of its securities (including its AIM securities) admitted or traded;
- The number of AIM securities in issue (noting any held as treasury shares) and, insofar as it is aware, the percentage of AIM securities that are not in public hands together with the identity and percentage holdings of its significant shareholders. This information should be updated at least every 6 months;
- Details of any restrictions on the transfer of its securities;
- Its most recent annual report published pursuant to Rule 19 and all half-yearly, quarterly or similar reports published since the last annual report pursuant to Rule 18;
- All notifications it has made in the past 12 months;
- Its most recent admission document together with any circulars or similar publications sent to shareholders within the past 12 months; and
- Details of its nominated adviser and other key advisers.
*information taken from AIM Rule 26, AIM Rules for Companies, February 2007