LISTING PROCESS : :

There are few procedures to follow and the sequencing of these steps will depend on the approach that you have adopted to listing. It is advisable for you to seek a meeting early with both the Capital Market Development Authority (CMDA) and the South Pacific Stock Exchange (SPSE) to discuss these procedures so that they can be taken into account in your planning process. The main requirements of listing include the following:

1. Obtain CMDA approval to list by submitting a proposal in keeping with the provisions of the CMDA Act. The Authority’s decision will be conveyed to the company within 15 working days.
2. Obtain SPSE approval to list by submitting two copies of the “application to list” to the Exchange for its evaluation and decision.
3. Submit the company’s draft prospectus or information memorandum to CMDA and SPSE for their respective approvals.
4. Together with your application, submit 2 copies of company’s Memorandum of Association and Articles of Association and application fee.
5. Once approved, your company must supply to the SPSE with final printed copies of the prospectus or information memorandum and applications at least 5 market days before the opening of the list.
6. In the case of a public offering being made prior to listing, your company shall announce the basis of allotment of shares and publishes the distribution schedule of the shares in at least one leading national newspaper. Your company must issue the shares following the announced allotment.
7. Your company will then be listed to the stock exchange and active trading in its shares begins.

It is important to note that if controlling shareholders want to sell shares to the public in order to qualify to list on the stock exchange, the offering will have to be accompanied by either a Prospectus or an Information Memorandum.