{"id":10083,"date":"2022-07-04T16:59:14","date_gmt":"2022-07-04T16:59:14","guid":{"rendered":"http:\/\/legalblog.ie\/secondary-listing\/"},"modified":"2024-03-02T23:34:05","modified_gmt":"2024-03-02T23:34:05","slug":"secondary-listing","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/secondary-listing\/","title":{"rendered":"Secondary Listing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/secondary-listing\/#Overseas_Companies\" title=\"Overseas Companies\">Overseas Companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/secondary-listing\/#Shares_Traded\" title=\"Shares Traded\">Shares Traded<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/secondary-listing\/#Notify_Information_Service\" title=\"Notify Information Service\">Notify Information Service<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/legalblog.ie\/secondary-listing\/#Title_to_Shares\" title=\"Title to Shares\">Title to Shares<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/legalblog.ie\/secondary-listing\/#Information_Required\" title=\"Information Required\">Information Required<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/legalblog.ie\/secondary-listing\/#Irish_Company_Primary_Listing_Abroad\" title=\"Irish Company Primary Listing Abroad\">Irish Company Primary Listing Abroad<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Overseas_Companies\"><\/span>Overseas Companies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Chapter 11 of the listing rules applies to overseas companies who apply for a secondary listing of their shares in the Irish stock exchange.\u00a0 They must have a sponsor when the application is made and for the duration of the listing.<\/p>\n<p>An Irish registered company with an overseas primary listing that is seeking a secondary listing must comply with certain rules, including the rules below. If an application is made for the admission of a class of shares, a sufficient number of shares of that class must by the time of the admission be distributed to the public in one or more EEA states.\u00a0 Account will be taken of shares issued in non-EEA states if the shares are listed in that state.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Shares_Traded\"><\/span>Shares Traded<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There are certain rules of the stock exchange set out in separate chapters with which an overseas issuer with a secondary listing of equity securities applying for a primary listing of securities must comply.\u00a0 There are continuing obligations.\u00a0 In particular, it must maintain sufficient shares in the public&#8217;s hand at all times and must notify the stock exchange of cessation of compliance.<\/p>\n<p>Where equities of the same class as equity securities that are listed or allotted, an application for admission to listing of such equity securities must be made as soon as possible and in any event within one year of allotment.<\/p>\n<p>A sufficient number of shares will be deemed to have been distributed to the public on 25 percent of the shares for which application for admission is made are in public hands.\u00a0 They are not in public hands, if they are indirectly or directly controlled by certain person connected with the company and their officers.\u00a0 Treasury shares do no account.<\/p>\n<p>The stock exchange may accept a lower percentage if it considers the market will operate properly with the lower percentage in view of the large number of shares of the same class and the extent of \u00a0existing distribution to the public.<\/p>\n<p>The stock exchange will not admit shares of a company incorporated in a non-EEA state which are not listed either at the country of incorporation or in the country in which the majority of its shares are held unless it is satisfied that the absence of listing is not due to the need to protect investors.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Notify_Information_Service\"><\/span>Notify Information Service<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An overseas company must forward copies of all circulars, notices, reports and documents to which the listing rules apply at the same time as they are issued.\u00a0 All resolutions passed by the company other than those concerning ordinary business and general meetings must be forwarded.<\/p>\n<p>An overseas company must notify the information service as soon as the document is forwarded under the above provisions unless the text is provided to the information service.\u00a0 The notification above must set out where copies of the documents can be obtained.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Title_to_Shares\"><\/span>Title to Shares<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There are requirements for reference to temporary title documents and renounceable title documents in respect of shares.\u00a0 They must contain information on prescribed matters, including<\/p>\n<ul>\n<li>dividends and interest entitlements,<\/li>\n<li>nature of the document of title,<\/li>\n<li>issues in respect of rights issues.<\/li>\n<\/ul>\n<p>In the case of renounceable documents, they should<\/p>\n<ul>\n<li>advise contacting an independent advisor,<\/li>\n<li>that the document is negotiable and valuable,<\/li>\n<li>provide a form of renunciation<\/li>\n<li>provide provisions for splitting of the title document relative to the holding<\/li>\n<li>provides certain other information.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Information_Required\"><\/span>Information Required<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The overseas company must ensure that any definitive title document for an equity security other than a bearer security contains certain information including in particular<\/p>\n<ul>\n<li>number of equity securities,<\/li>\n<li>certificate of what it represents<\/li>\n<li>where the overseas company is constituted<\/li>\n<li>minimum amount and multiples thereof of which security is transferable<\/li>\n<li>note regarding the production of a certificate on transfer at the date of certificate<\/li>\n<li>interest payable and interest payments dates on fixed income security<\/li>\n<li>conditions applicable to preference shares in respect of capital dividends and if applicable conversion.<\/li>\n<\/ul>\n<p>An overseas company for whom Ireland is host member state for the purpose of the transparency rules must appoint a registrar if there are more than 200 holders resident in Ireland or 10 percent or more of the equity shares are held by persons resident in Ireland.<\/p>\n<p>An overseas company whose securities are admitted to trading on a regulated market should consider its obligations under the transparency regulations and transparency rules.\u00a0 If it is not complying with the transparency regulations already, it must comply as if it was an issuer for the purpose of the regulations and rules.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Irish_Company_Primary_Listing_Abroad\"><\/span>Irish Company Primary Listing Abroad<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An Irish company may be treated as an overseas company with a secondary listing on the stock exchange for the purpose of the rules provided that the company has and continues to have throughout the period of its listing, an overseas primary listing on a recognized exchange and the company has, at the time of first listing on the exchange its primary market in a country other than Ireland.<\/p>\n<p>The stock exchange will require details from the company sponsor, any exemptions or derogations given by the regulatory authority in which shares are listed from the normal rules and regulations that would apply.<\/p>\n<p>The stock exchange will review the case of any company availing of the above provisions on the fifth anniversary of the listing and every five years thereafter to consider whether the treatment continues to be appropriate.\u00a0 If it is no longer appropriate, the company falls to be treated as a primary listed company for the purpose of the listing rules.<\/p>\n<p>The annual reports of companies with a secondary listing must bear a certain warning\/statement to the effect that it is not subject to ongoing listing requirements, as would be the case in respect of a company with a primary listing on the Irish stock exchange.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-10083\" data-postid=\"10083\" class=\"themify_builder_content themify_builder_content-10083 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Overseas Companies Chapter 11 of the listing rules applies to overseas companies who apply for a secondary listing of their shares in the Irish stock exchange.\u00a0 They must have a sponsor when the application is made and for the duration of the listing. An Irish registered company with an overseas primary listing that is seeking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[133],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10083"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=10083"}],"version-history":[{"count":3,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10083\/revisions"}],"predecessor-version":[{"id":32566,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10083\/revisions\/32566"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=10083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=10083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=10083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}