Processes for admission to trading

The processes for admission to trading on Merkur Market are fast and flexible. The ordinary process only takes 10 working days to complete, while the fast-track process can be completed in five working days. Oslo Børs recognises the importance of providing efficient admission processes, and our experts in admission to trading are happy to provide assistance and guidance at all stages of the admission process.

There is a continuous startup of admission processes at Merkur Market. The final admission decision is taken by the Oslo Børs Admissions Committee, and there is therefore no need to adapt the admission process to specific board meetings at Oslo Børs, as is customary for listing processes on Oslo Børs and Oslo Axess.

All companies applying for admission to Merkur Market must appoint a Merkur Advisor to assist in the preparatory process until the first trading day. There are several reasons why companies must appoint such a Merkur Advisor in the admission process. In general, investment firms have long experience and extensive knowledge, in addition to well-established routines and project manager skills, which make them well qualified to prepare and guide companies that wish to be admitted to trading. Assistance from a financial facilitator for the preparation of an application and an admission document can lighten the workload for many companies, while strengthening the quality assurance of the company's suitability. Risks related to the valuation of a company and its shares can be at an acceptable level for potential new investors, enabling the company to attract more new capital. The companies' involvement of a Merkur Advisor can further provide opportunities for the company to enter into a so-called market maker agreement, obtain analysis and/or financial arrangement for future transactions. This could be key contributions to a company achieving its goals in a more efficient manner.

Normally, other advisors will also have a role in the admission processes at Merkur Market. In addition to engaging an auditor and attorney to conduct financial and legal due diligence, the company must also have a bank as account operator when the company's shares are registered in VPS. There is no requirement for the due diligence advisors to be independent of the company.

The ordinary process

The ordinary process for admission to trading officially starts when a completed application form is submitted in conjunction with a draft of the admission document. Oslo Børs will provide feedback on the admission document until an acceptable final version is ready. The admission document must be thoroughly reviewed so that the final admission document may be available three working days before the date of admission to trading. The Oslo Børs Admissions Committee will then use this document, the completed application form and the due diligence investigations carried out at the company as the basis for its decision on whether to admit the company to trading on Merkur Market.

The company normally attends a meeting within eight working days before the date of admission to trading where the company is given the opportunity to present itself and to discuss the admission process in more detail. In addition, an introductory course will be conducted in the continuing obligations of companies admitted to trading with representatives from the company's management and board, within the date of admission to trading.

Fast-track admission

The fast-track admission process can be completed in five working days subject to the agreement of Oslo Børs. Such a quick admission requires the company to be well prepared and that everyone involved in the process are able to commit resources to any issues that may arise. The admission requirements for a fast-track process are the same as for an ordinary process, but the requirements are addressed over a shorter period of time and so a fast-track process is more resource-intensive. A fast-track process is consequently more expensive than an ordinary admission process.

The following table provides a simplified overview of the two different processes for admission to trading on Merkur Market:

 

Ordinary process

Fast-track process

Normal timeframe:

10 working days

5 working days

Start of the admission process:

Flexible

Flexible

Deadlines for the individual milestones in the admission process

Fixed deadlines. Calculated from when the application form and draft admission document are submitted, and the desired date of admission to trading.

Flexible deadlines

Introduction fee:

Dependent on the company's market cap

Fixed fee

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