RE: Loading up19 Jun 2025 10:41
Main Market (LSE):
Governed by the UK Listing Rules and overseen by the Financial Conduct Authority (FCA).
Requires extensive disclosures, shareholder approvals, and often a prospectus for secondary fundraises.
Companies must maintain strict corporate governance, which slows down the process and increases costs1
Aquis Stock Exchange (AQSE):
Operates under a lighter-touch regulatory regime.
Fundraises can often be done via simpler mechanisms like placings or direct subscriptions without needing a full prospectus.
Fewer restrictions on how often and how much can be raised, especially for companies on the Access or Apex segments
2. Shareholder Approvals and Prospectus Requirements
Main Market:
Secondary raises often require pre-emption rights to be respected, meaning existing shareholders must be offered shares first unless waived.
A prospectus is typically required if the raise exceeds 20% of issued capital in a 12-month period.
Aquis:
More flexibility around pre-emption rights and prospectus exemptions.
Companies can raise capital more opportunistically, which is attractive for fast-moving or growth-stage businesses.