.jpg)
The AMF clarifies the rules applying to public offerings of securities on Alternext Paris
Further to the amendments made to the General Regulation of the Autorité des Marchés Financiers and at the request of NYSE Euronext, the threshold defined for a public offering of securities is set at 2.5 million euros for initial public offerings on the public compartment of Alternext Paris.
Following the revision of the European Prospectus Directive, the threshold defined for a public offering requiring a prospectus approved by the Autorité des Marchés Financiers was raised to 5 million euros. However, the AMF General Regulation1 provides for the possibility for companies operating organised multilateral trading facilities to request that this threshold be lowered to 2.5 million euros. NYSE Euronext has decided to exercise this option for public offerings on the public compartment of Alternext Paris. This request has been accepted by the AMF.
As a result, the AMF informs companies which are seeking a stock market quotation on Alternext Paris or those which have already been admitted to trading that a prospectus must be submitted to the AMF in the following cases:
- In a first admission on the public compartment of Alternext Paris, if the public offering is for an amount higher than 2.5 million euros. The practical conditions thus remain unchanged for initial public offerings.
- For any subsequent offering:
- as soon as this offering is for more than 5 million euros,
- or if it is for an amount between 100,000 euros and 5 million euros and represents more than
- 50% of the issuer’s capital. The objective in this respect is to prevent securities offerings from giving the public an excessively high share of subscribed capital without providing them with adequate information.
1 Namely its article 211-2, further to the amendment approved by the ministerial order dated 14 June
2012, published in the Journal Officiel of the French Republic on 11 July 2012.
