Today, the Bucharest Stock Exchange (BVB) is launching AeRO (AeRO), an alternative trading system which will be used as a market dedicated to financing start-ups and SMEs which do not fulfil the requirements for being listed on the BVB regulated market – three issuers are already admitted to trading on this platform. It is envisaged that AeRO would include companies with a high development potential such as companies from the IT&C sector but it may also be used by companies which are currently traded on the controversial BVB market segment RASDAQ (which will cease to exist in October 2015).
AeRO is not a regulated market within the meaning of EU regulations and the special rules set out by the BVB (less stringent than for a regulated market) apply. Key requirements for listing eligibility include, among others, an anticipated minimum capitalisation of EUR250,000, a free-float of at least 10% of the shares or at least 30 shareholders, and appointment of an authorized consultant. To some extent BVB may be flexible, though.
For listing on AeRO, a company has the following options: (a) a private placement, by offering shares to a limited number of potential investors (up to 150), without the need of a prospectus; (b) IPO; or (c) a technical listing, with no offering. The companies, together with the authorized consultant, will have to prepare a presentation document (Memorandum), which will contain information in relation to the identification details of the company, its history, description of the activity and its financials and prospects of the development of the company, in accordance with the technical requirements set out by BVB.
Upon admission to trading on AeRO, the companies should ensure a certain transparency and comply with reporting requirements (annual, half-year and current activity reports) and with corporate governance principles.
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