|[pic] | | | | | | | |Master in Business Administration | |Financial Markets | | | |ZSE Listing requirements |
ZSE Listing Requirements
1) At least 30% of each class of equity securities must be held by the public unless otherwise agreed by the ZSE. Where the issuer has had a private placement prior to the initial public offering, at least 20% of the total issued shares must be offered to the public. Generally the public consist of individuals and institutional investors holding less than 5% of the shares in issue.
2) Memorandum of Company and Articles of Association of Company must comply with ZSE requirements.
3) The number of the public shareholders in respect of listed securities shall be at least 300 for equity securities and 50 for preference shares; and 25 for debentures.
4) History of the company.
5) Auditors report for 3 years.
6) Forecast earnings, and dividends,
7) Details of share capital structure, loan capital, borrowing powers.
8) Arguments for funding requirements,
Minimum regulatory requirements
1) The company must be incorporated under the relevant laws. (Company’s Act)
2) The company must normally have published audited accounts covering at least three years.
3) The company must have an independent trading and revenue earning record covering the same period.
4) Experienced Directors and management.
5) Adequate working capital depending on the nature of the business
6) The company must have independent operations
7) Enough market capitalization
8) Viable and realistic business plan
9) Corporate governance compliance
10) Transparency of ownership and accounting
Historical Financial Information
The report of historical financial information is to include the following historical financial information, prepared in accordance with Statements of IFRS:
statements of changes in equity;
cash flow statements;
g) segmental information; and
h) the information set out in paragraphs
The historical financial information required is to be presented in consolidated form in respect of a period of at three years up to and including the financial year immediately preceding the issue of the prospectus\pre-listing statement\circular. Where the historical financial information is not available for the prior three year period the ZSE must be consulted for a ruling regarding disclosure and approval of the transaction. The same historical financial information is also to be presented for the holding company where this provides significant additional information to that presented in consolidated form.
The following additional information is to be provided when presenting the historical financial...
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