Which companies are eligible to list their shares on BSE Xtend?
BSE Xtend awaits the shares of companies that are able to enrich the BSE’s range of shares, are able to generate excitement among investors with new investment stories and which plan on having a long-term capital market presence. Companies that have a stable ownership background and management, have serious business ideas and can show dynamic growth are welcome on this market.
What is the difference between the admission requirements for BSE Xtend and the regulated market?
The lowest level of entry on the BSE’s regulated market is the Standard Category. In comparison, Xtend applies a looser set of criteria with the following differences:
Comparison of the BSE’s (regulated market) Standard Category and BSE Xtend
Is it possible to be admitted to the market without a prospectus?
Yes. It is substantially easier compared to a regulated market, in that issuers opting for Xtend are not required to prepare a prospectus under a total issue value of EUR 5 million.
If the issuer does not submit a prospectus, what is considered to be the admission document?
Below a total issue value of EUR 5 million, issuers are not required to draw up a prospectus and have it approved by the MNB. The admission document – which contains the key data of the company and the issue – is the so-called information document. The information document is compiled by the issuer with assistance from the Nominated Adviser and is then approved by the BSE.
What are the obligations of issuers after admission?
On BSE Xtend, issuers primarily have to fulfil disclosure obligations in accordance with the following:
|Annual report||Compulsory disclosure four months after closing the financial period|
|Half-year report||Compulsory disclosure three months after closing the financial period|
|Corporate governance report||Compulsory disclosure concurrently with the annual report|
|Maintenance of contractual relationship with Nominated Adviser||Continuous requirement|
|Fulfilment of extraordinary disclosure obligations set out in Capital Market Act||Disclosure of so-called price-sensitive information is a continuous requirement|