Eight firms to feature on IEX
The Irish Enterprise Exchange (IEX), which kicks off on April 12, will draw existing companies from the Exploration Securities Market (ESM) and the Developing Companies Market (DCM).
Both markets will close down to make way for the IEX. ITEQ, the failed market originally aimed at technology-based companies, will also be shelved.
The new exchange will include housebuilder Abbey, recruitment specialist CPL, electronic learning company Thirdforce and exploration companies Ormonde Mining and Minmet. Resource companies Ovoca, Glencar Mining and Providence will complete the list.
The Irish Stock Exchange (ISE) said the new market was aimed at small and mid-sized Irish companies and that it would also appeal to companies seeking a dual listing on London’s highly successful Alternative Investment Market (AIM).
All IEX companies will be part of the overall ISEQ index, which means fund managers that track the ISEQ will also take an interest in IEX companies.
Companies seeking to list on the IEX will need to have a minimum market capitalisation of e5 million. But they will not be required to submit evidence of a trading record.
This will make it easier for start-up ventures, which until now were obliged to provide a three-year record in order to list on the ISE’s main market - the Official List. IEX companies will also be exempt from the requirement to ensure that 25% of shares be held in public hands.
Other advantages that will apply to IEX listings are the absence of pre-vetting of admission documents by the exchange, which has traditionally been a slow-moving exercise, as well as the ability to negotiate substantial acquisitions or disposals, without the need for prior shareholder approval.
The listing procedures are modelled on those of London’s AIM to allow companies to use the same documents to complete the listing process on both markets.
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