A company transitioning from HGS to premium listing would remain on the same Regulated Market (the Main Market) but would need to apply for admission to the premium listing category of the Official List in accordance with Listing Rule 3. It would therefore have to meet the eligibility requirements for premium listed companies set out in the Listing Rules. An eligibility letter from a sponsor (setting out how the company satisfies Listing Rule 2 and Listing Rule 6) would also be required. A new prospectus may or may not be required, depending on the specific circumstances of the company. For example, if a company is undertaking a fundraising at the time of transition, the requirement to produce a prospectus may be triggered.

The HGS rules provide an exemption from seeking shareholder approval for cancellation from the segment where a concurrent application is made for admission to Premium.

HGS is designed for UK or EEA incorporated companies, which allows for a simple framework and ensures that all issuers are subject to a consistent level of financial services and corporate law. Companies with assets, operations and management outside of the UK or the EEA, which demonstrate the growth characteristics required to be eligible for HGS, may choose to re-incorporate in the UK or an EEA jurisdiction in order to seek admission to the segment. In any case, these companies will continue to have access to AIM and the Premium and Standard segments of the Main Market.

HGS is for high growth businesses seeking access to the Main Market due to their size and stage of development but which, at the point of IPO, are not able to meet all the requirements for being on the FCA’s Official List.

HGS has Regulated Market status to ensure a framework appropriate for larger companies, whereas AIM is not an Regulated Market, to allow for a market framework suitable for smaller companies.

HGS is open to institutional and retail investors seeking growth opportunities.

No.

As HGS companies are not listed within the Premium Segment of the Main Market – a key criteria for index inclusion – they will not be included in the existing FTSE UK index series.

• On-going requirements, as set out in the HGS rulebook, include rules around significant transactions and website disclosure and a requirement to consult a Key Adviser to specific events (such as notifiable transactions)
• UK law, as applicable to Regulated Markets, including the Transparency Directive
• An annual statement of which corporate governance code has been adopted and to what extent
• We will also retain a dialogue with issuers to understand when they meet the listing eligibility criteria to help them achieve the transition to the Official List