Practice Areas > Investment Services, Fintech & Capital Markets > Capital Markets > Alternative Companies List (ACL)
Overview
This list is aimed at providing listing opportunities for companies and investors with the potential to grow, whom, however, do not fulfill the rigorous requirements for the MSE Official Listing. Listing on the ACL offers the benefit of EU Passporting rights, as well as international recognition.
- An incorporated company- with a memorandum and articles of association which in conformity with Listing rules;
- The security must be duly authorized in accordance with the Company’s place of incorporation;
- Funds must be freely transferable and expected to enjoy adequate continuity of dealing;
- A minimum share capital of Eur 50,000 or equivalent that is fully paid up.
Important to
Know
Listing of debt securities– requires a minimum share capital of Eur 200,000. Along with a minimum subscription of at least Eur 50,000 per individual investor and a subsequent minimum holding of Eur 50,000 maintained throughout his/her investment. No trading record is required.
Listing of equity securities– requires a minimum share capital of Eur 1,000,000. Along with a minimum subscription of at least Eur 10,000 per individual investor. Shares in the hands of the public must be at least 25% of the listed shares. In this case the Company must provide a trading record with filed annual accounts of the 3 preceding financial years unless a derogation of this is given.
Fees
In accordance with Listing Rule 1.2 of the Listing Rules, every Application for Admissibility to Listing must be accompanied by an initial (processing) non-refundable fee in accordance with the following scales.
- On the first €11,646,866.99 – Increment per 2,329,373 – €1,164.69 – Minimum €2,329.37
- On the next €11,646,866.99 – Increment per 2,329,373 – €2,329.37
- On the next €23,293,733.99 – Increment per 2,329,373 -€1,863.50
- On the excess – Increment per 2,329,373 – €1,630.56 (maximum Maximum €58,234.33).
How we can help
Prior to being admitted to List, any prospective issuer requires ‘Admissibility to Listing’ from the MFSA. The prospective issuer will need to find a Sponsor/Corporate Advisor, this is where we come in. Gonzi & Associates, Advocates will guide you through the entire Listing process and will also liaise with the MSE and the Listing Authority on your behalf.