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【正文】 (4) Institutional Investors in AIM 2022, Growth Company Investor, September 2022 資金成本 THE COST OF CAPITAL1 費(fèi)用種類 Type of cost 美國(guó) United States 主板 Official List 創(chuàng)業(yè)板 AIM IPO的股價(jià)折扣 IPO price discounts 5% 6% % % IPO的承銷費(fèi)用 IPO underwriting fees 6% 7% % 4% IPO的顧問(wèn)費(fèi)用 IPO professional fees 最高 Highest 比美國(guó)低，比歐洲高 Lower than US but higher than Europe 比美國(guó)低，比歐洲高 Lower than US but higher than Europe 企業(yè)管理費(fèi)用 On going corporate governance costs 執(zhí)行 Sarbanes Oxley標(biāo)準(zhǔn)的第一年費(fèi)用為 440萬(wàn) Sarbanes Oxley costs $ million in the first year2 對(duì)企業(yè)管理制定的標(biāo)準(zhǔn)很切實(shí)有效 投資者需付 12% 14% 的費(fèi)用 Standards are a “global leader”. Investors prepared to pay a 12% 14% premium3 無(wú)具體數(shù)字 No specific data 1. Taken from “The Cost of Capital – an international parison – Oxera and the London Stock Exchange, June 2022. 2. Sarbanes Oxley pliance costs exceed estimates – press release (March 2022). 2. McKinsey Global Investor Survey, 2022. 創(chuàng)業(yè)板公司數(shù)量 NUMBER OF COMPANIES ON AIM 年份 Year 公司數(shù)量 Number of panies 市場(chǎng)價(jià)值 (百萬(wàn)英鎊 ) Market value (163。700,000 for equity 無(wú)底限 No minimum 股東 Shareholders 社會(huì)公眾最少持有 25%的股份 Minimum of 25% of shares must be held in “public” hands 對(duì)公眾持股量無(wú)要求 (但要求指定保薦人 ) No minimum amount to be held in “public” hands under the rules (but the nominated adviser is likely to require a minimum) Accounts 賬目 通常要求過(guò)去三年的賬目 Last three years generally required 過(guò)去三年或自公司 (成立不足三年的 )成立起至今的賬目 Last three years or, if less, so long as the pany has been in existence 經(jīng)營(yíng)記錄 Trading record 通常要求過(guò)去三年的經(jīng)營(yíng)記錄 Normally three year trading record required 無(wú)要求 No trading record required 運(yùn)營(yíng)資本 Working capital 基本相同 Broadly similar 基本相同 Broadly similar 上市文件 Documents 需經(jīng)相關(guān)審查部門(mén)事先審查 Prior vetting of documents by the regulators 通常不需審查 Documents are not generally approved by the regulators MAIN DIFFERENCES – SOME OF THE “CONTINUING OBLIGATIONS” 義務(wù) Obligation 主板 Official List / Main Market 創(chuàng)業(yè)板 AIM 股東 Shareholders 社會(huì)公眾最少持有 25%的股份 Minimum of 25% of shares must be held in “public” hands 對(duì)公眾持股量無(wú)要求 No minimum amount to be held in “public” hands 進(jìn)行股權(quán)交易的董事 Directors dealings in shares 基本相同 Broadly similar restrictions 基本相同 Broadly similar restrictions 公告 Announcements 基本相同 Broadly similar 基本相同
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