FAQs2019-11-15T14:57:34+00:00

Here below we respond to the most frequently asked questions we get asked from entrepreneurs while analysing the Euronext alternative. ArmanexT´s work begins precisely here, helping to formulate the right questions for each project, and finding the most appropriate answers, with rigor, professionality and experience.

This list does not intend to be exhaustive, neither on the questions nor on the answers, it is rather a quick view on the different topics of interest on a first phase.

Pay attention when reading. In most cases, the known answers are biased as a result of past believes. The new scenario that is opening to your company with ArmanexT and Euronext is substantially different.

We are here you help you. Once read, feel free to contact us to recap these, or to discuss any concern you may have.

It is now time to break wrong myths regarding Stock Markets, and to prepare companies to a new growth and internationalization stage.

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Questions about…

What are the main differences between the different Euronext Markets?2020-09-15T16:09:12+00:00
EURONEXT ACCESS EURONEXT ACCESS+ EURONEXT GROWTH EURONEXT (A/B/C)
INITIAL ADMISSION Free-float Non applicable €1m €2.5m 25% or 5% if>€5m
Financial Statements Last 2 years (unaudited) Last 2 years (last year audited) or pro forma accounts Last 2 years (audied) or pro forma accounts Last 3 years (audited)
Intermediary Listing Sponsor Listing Agent
Document to be provided Information Document* (or EU Prospectus in the case of IPOs) Information Document or EU Prospectus EU Propspectus
Differences between being listed on MAB and Euronext2020-01-07T19:00:06+00:00

MINIMUM MANDATORY REQUIREMENTS

LISTING 
REQUIREMENTS

MAINTENANCE
 REQUIREMENTS

MAB

EURONEXT

MAB

EURONEXT

LEGAL DD

FINANCIAL DD

x

ANNUAL AUDIT

ABBREVIATED ANNUAL ACCOUNTS

If applicable

x

COMFORT LETTER

x

BUSINESS PLAN

x

COMPANY VALUATION

ASSET VALUATION

x

AGENT BANK

LIQUIDITY PROVIDER

x

x

FREE-FLOAT (€2 MILLION, 20 MINORITY STAKEHOLDERS (Not applicable to kin))

x

x

CASH DEPOSIT (€150k-€300k)

x

x

SHARES DEPOSIT(150k-300k€)

x

x

TECHNICAL LISTING

CAPITAL RAISE, PRIVATE PLACEMENT (DAR, DAC)

x

LOCK-UP (1 year)

x

What is the minimum number of shareholders needed to be listed and traded?2019-11-11T11:10:09+00:00

The different Euronext markets are adapted to welcome from Sociedades Anónimas Unipersonales (single-member corporations), to family-owned businesses, companies with a reduced number of shareholders that do not wish to initially change their shareholding structure (Technical Listing) or the contrary, those companies that seek to raise capital through an IPO.

What is the Technical Listing?2020-09-18T15:00:53+00:00

Es una de las formas que tienen las empresas para salir a Bolsa, con la particularidad de que no es necesario que ninguna acción cambie de dueño, frente a las Ofertas Públicas de Venta o las Ofertas Públicas de Subscripción, en las que, coincidiendo con el momento de la salida a Bolsa, hay compraventa de acciones viejas o subscripción de acciones nuevas.

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Do I need to change my tax residency?2019-11-19T17:44:18+00:00

No, it is not necessary to change the registered office nor the fiscal residency. The company will remain paying its taxes in Spain.

What requirements does the company have to meet to be admitted to trading?2020-09-15T16:12:07+00:00
EURONEXT ACCESS EURONEXT ACCESS+ EURONEXT GROWTH EURONEXT (A/B/C)
INITIAL ADMISSION Free-float Non applicable €1m €2.5m 25% or 5% if>€5m
Financial Statements Last 2 years (unaudited) Last 2 years (last year audited) or pro forma accounts Last 2 years (audied) or pro forma accounts Last 3 years (audited)
Intermediary Listing Sponsor Listing Agent
Document to be provided Information Document* (or EU Prospectus in the case of IPOs) Information Document or EU Prospectus EU Propspectus
Can a company with no shareholders be listed and traded?2019-11-11T11:10:43+00:00

The different Euronext markets are adapted to welcome from Sociedades Anónimas Unipersonales (single-member corporations), to family-owned businesses, companies with a reduced number of shareholders that do not wish to initially change their shareholding structure (Technical Listing) or the contrary, those companies that seek to raise capital through an IPO.

Where do Spanish companies listed on any of the Euronext Markets pay their taxes?2019-12-04T03:15:24+00:00

In Spain. Registered office and fiscal residency should not be confused with the market where the shares are listed.

Who supervises me?2020-09-15T08:26:33+00:00

The supervision of a listed and traded company is exercised by the competent authority of the country where the company was incorporated. In the case of Spanish incorporated firms, this supervision is carried out by the “Comisión Nacional del Mercado de Valores” (CNMV). The Market may stablish additional requirements. ArmanexT´s work as Listing Sponsor consists on the supervision, coordination and assistance to the company so all established requirements are met in good time and appropriate manner.

What requirements does the company have to meet in order to be listed?2020-09-15T08:37:33+00:00
EURONEXT ACCESS EURONEXT ACCESS + EURONEXT GROWTH EURONEXT (A/B/C)

PERMANENT REQUIREMENTS

Annual financial statements Yes Annual audited report
Semi-annual financing reporting Not required Non audited semi-annual report Audited semi-annual report
Price sensitive information, list of insiders, market survey  Applicable (Directive Market Abuse)
Declaration of transactions Applicable (Directive Market Abuse)
Declarations of breaches of threshold (detention of capital et right to vote)  Non applicable Applicable
Anti-money laundering  Applicable
Website  Yes
Do my company shares have to be traded every day?2019-11-11T11:29:30+00:00

No, Euronext does not demand a company’s shares to be traded a minimum number of days.

Can a Private Equity Fund invest in a listed company?2019-12-04T03:16:20+00:00

Yes, Private Equity Funds are authorized to invest in companies listed on Multilateral Trading Facilities and maintain their investments without time restrictions.

What should the minimum size/valuation of a company be to be listed?2019-11-11T11:32:56+00:00

There is not a minimum size requirement to be met in order to be listed. Access to this market should be considered as a step prior to companies´ expected growth and future needs.

What is Euronext?2019-12-04T03:14:16+00:00

Euronext is the main Stock Market in Europe, and brings together the Stock Exchanges of France, Belgium, the Netherlands, Portugal, Ireland, Norway and a Derivatives Exchange in the United Kingdom.

On Euronext, there are close to 1,500 listed companies from around the world and over 5,000 active investors analysing them. Euronext offers the possibility of being listed on one of its four markets depending on the company´s size, liquidity and expectations.

Euronext has four markets, each of them with a particular focus and admission criteria that allows companies to meet their needs and expectations.

  • Euronext Access
  • Euronext Access +
  • Euronext Growth
  • Euronext A/B/C
What is a Multilateral Trading Facility (MTF)?2019-11-11T10:51:03+00:00

Also known as Alternative Stock Market, a MTF is a Stock Exchange generally oriented to small and medium-sized companies that seek to expand. MTF have a regulation designed specifically for them, and costs as well as listing processes adapted to their characteristics.

What is a Market for growing SMEs?2019-11-11T10:59:05+00:00

They are newly created markets, promoted by the European Union in its pursuit to bring the Stock Markets closer to European SMEs. They have simplified admission and permanence processes oriented to small and medium-sized enterprises that are homogeneous across all member estates with the objective of facilitating the access to new sources of financing, either with equity or bonds.

In order to be listed and traded on Euronext, Is there a minimum requirement regarding revenue, EBITDA or profit?2019-11-11T11:08:42+00:00

No, the different Euronext markets are designed precisely to welcome companies such as Biotech, Start-ups and highly technological firms that do not yet have revenue, EBITDA or profit.

Can SOCIMI be listed on Euronext?2019-11-15T15:04:19+00:00

Yes, article 4 of the LEY 11/2009, 26/10 Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario establishes that “SOCIMI shares shall be admitted to trading on a regulated market or on a Spanish Multilateral Trading Facility or on any other European member state…”

How can I operate on Euronext?2019-11-11T11:13:00+00:00

Through any market operator that has the stock registered on its system.

Can anyone buy shares of my company?2019-11-11T11:13:01+00:00

Only if there are shares available for sale.

Can I obtain funding or investors on Euronext?2019-11-11T11:18:09+00:00

Yes, Euronext is the greatest combination of markets in the continent. There are close to 1,500 listed companies and over 5,000 institutional investors analysing the markets on a daily basis.

What is a Listing Sponsor/Registered Advisor?2019-11-11T10:16:51+00:00

It is an official figure authorized, supervised and regulated by Euronext with a dual function:

  • Accompanying SMEs and SOCIMI in the listing process, ensuring these comply with all requirements established by each market, acting as global coordinator of the process, and ensuring that the information provided by the different advisors is accurate and complete.

  • Ensuring that companies comply with their information disclosure obligations whilst listed on a Stock Market.

What other advisors are needed during the listing process?2019-11-19T17:40:10+00:00
  • Auditor
  • Expert Independent Valuator
  • Legal Advisor
  • Spanish or International Advisors?2019-11-11T10:20:02+00:00

    The different needed advisors (Auditor, Legal Advisor, Expert Independent Valuator) shall be experienced firms, and with an established reputation regardless of their nationality.

    In the case of Spanish firms, Spanish advisors are more commonly used, although this is only a matter of practicality.

    What are the costs involved when listing on Euronext?2019-11-11T10:59:04+00:00

    Given the variety and diverse typology of companies, it is not possible to determine a costs range at this stage. We remain at your disposal to study your case: info@armanext.com or call +34 911 592 402

    How much does it cost to remain listed on Euronext?2019-11-11T10:49:36+00:00

    Given the variety and diverse typology of companies, it is not possible to determine a costs range at this stage. We remain at your disposal to study your case: info@armanext.com or call +34 911 592 402

    Is it mandatory for an issuing firm to hire a Listing Sponsor?2019-11-11T10:49:39+00:00

    Yes, hiring a Listing Sponsor (ArmanexT) is mandatory in most Markets. The Listing Sponsor is an official figure responsible for the coordination of the process. Furthermore, the Listing Sponsor will support shareholders and the management of the company along the listing process.

    How long does it take for a firm to be listed and traded on Euronext?2019-11-11T10:49:40+00:00

    Once all the necessary documentation is submitted, Euronext will provide a response within 30 days. The time needed to elaborate the Information Document will vary according to the company’s complexity. We remain at your disposal to study your case: info@armanext.com or call +34 911 592 402

    How is a company valued?2019-11-11T10:46:36+00:00

    Euronext does not require a specific method or valuation model. Each company (depending on their business sector and size) will be valued according to the most appropriate criteria by the Independent Expert Valuator.

    Can a Private Equity Fund invest in a listed company?2019-11-11T10:49:41+00:00

    Yes, Private Equity Funds are authorized to invest in companies listed on Multilateral Trading Facilities and maintain their investments without time restrictions.






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