In setting trends in African markets its interesting to see that regulators aren’t asleep and have applied their minds to using websites in shareholder communication and investment promotion. This is just a short blog item to point out what the LSE requires of AIM listed companies and what the basics should comprise. Keeping your website up to date is a mission if you handle it yourself. In Africa there is a solution however.
“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 policy and details of any investment manager and/or key personnel;
- 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 (e.g. its articles of association);
- details of any other exchanges or trading platforms on which the AIM company 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 is 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 AIM securities;
- its most recent annual report published and all half-yearly, quarterly or similar reports published since the last annual report;
- all notifications the AIM company 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 (as might normally be found in an admission document).”