Listing Conditions – ISE Primary
Checklist – Real Estate Investment
Trusts
Name of Company
Nature of Transaction
Name of Sponsor
Date submitted
Listing Rule
Requirement
3.2.1(1)
Duly Incorporated
3.2.1(2)
Operating in conformity
with constitution
3.2.2(1)
Conforms with law of place
of constitution
3.2.2(2)
Duly authorised
3.2.2(3)
Statutory and other consents
3.2.3
Admitted on RIE
3.2.4(1)
Freely transferable
3.2.4(2)
Fully paid
3.2.7(1)
Minimum market capitalisation
3.2.9(1)
Whole class to be listed
3.2.10(2)
Prospectus approved by
FCA and published
3.2.12(1)
Convertible into listed
securities
3.2.12(2)
Convertible into recognised
market securities
3.2.14
Warrants or options to
subscribe
3.3.3(1)(a)
Accounts for three years,
*unless accounts have not
been published or otherwise
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Comment
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Irish Stock Exchange – Listing Conditions– ISE Primary Checklist
Listing Rule
Requirement
agreed with the ISE
3.3.3(1)(b)
Six month rule*
3.3.3(1)(c)
Accounts consolidated*
3.3.3(1)(d)
EEA State accounting
standards or equivalent*
3.3.3(1)(e)
Audited without modification*
3.3.2(2)(a)
Independent auditors*
3.3.2(2)(b)
Auditors confirmation *
3.3.16
Working capital
3.3.18(1)
Banking, Insurance or financial
services company
3.3.18(2)
Solvency and capital
adequacy is regulated
3.3.18(3)
Meeting capital adequacy
requirements and is expected
to do so for 12 months
3.3.19
Shares in public hands
3.3.22
Warrants limited to 20%
3.3.23
Eligible for electronic
settlement
3.4.2(1)
Business supported by historic
revenue earning record
3.4.2(2)
Control of majority of assets
for at least three years
3.4.2(3)
Independent business as main
activity
3.4.3
Appropriate expertise and
experience of directors
3.4.4
Directors free of conflicts
between duties to the
company and private interests
or other duties
3.4.5
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Controlling shareholder
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Irish Stock Exchange – Listing Conditions– ISE Primary Checklist
Listing Rule
Requirement
If a REIT that satisfies the
definition of real estate
investment trust in Part 25A
of the Finance Act 2013 (or
equivalent), seeks a listing
on the Irish Stock Exchange,
the following additional
conditions apply:
16.2.2
Suitable investment manager
16.2.3
Discretion of board not limited
to person outside of issuer’s
group
16.2.4
Board able to act
independently
16.2.5(1)
Chairman to be independent
16.2.5(2)
Majority of board independent
16.2.6(1)(a)
Directors, employees,
partners, officers or
professional advisers of
investment manager not
independent
16.2.6(1)(b)
Directors, employees,
partners, officers or
professional advisers any
related company not
independent
16.2.6(2)(a)
Directors, employees,
partners, officers or
professional advisers of or to
other investment companies or
funds managed by same
investment manager, not
independent
16.2.6(2)(b)
Directors, employees,
partners, officers or
professional advisers of or to
other investment companies or
funds managed by a related
company in same group as
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Irish Stock Exchange – Listing Conditions– ISE Primary Checklist
Listing Rule
Requirement
investment manager, not
independent
16.2.7
Related directors subject to
annual re-election
And, if REIT is newly
established:
16.2.8
Demonstration of significant
market capitalisation
16.2.9
Invest in way that is consistent
with investment policy
16.2.10(1)
Published investment policy
16.2.10(2)
Clear quantitative information
on investment strategy
16.2.11
Directors to have appropriate
experience and expertise
(unless 16.2.2 applies)
16.2.12
All directors, existing
substantial shareholders,
investment managers and
promoters not to dispose of
shares for a period of one year
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Irish Stock Exchange – Listing Conditions– ISE Primary Checklist
Non-applicability Confirmation
We inform you that items marked ‘N/A’ in the Page column of the above checklist are considered
not applicable and no equivalent information is available.
Signed by
on behalf of
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