AIM Rule 1411 May 2018 17:42
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Reverse takeovers 14. A reverse takeover is any acquisition or acquisitions in a twelve month period which for an AIM company would: � exceed 100% in any of the class tests; or � result in a fundamental change in its business, board or voting control; or � in the case of an investing company, depart materially from its investing policy (as stated in its admission document or approved by shareholders in accordance with these rules). Any agreement which would effect a reverse takeover must be: � conditional on the consent of its shareholders being given in general meeting; � notified without delay disclosing the information specified by Schedule Four and insofar as it is with a related party, the additional information required by rule 13; and � accompanied by the publication of an admission document in respect of the proposed enlarged entity and convening the general meeting. Where shareholder approval is given for the reverse takeover, trading in the AIM securities of the AIM company will be cancelled. If the enlarged entity seeks admission, it must make an application in the same manner as any other applicant applying for admission of its securities for the first time.