Listing in London Santiago12th June 2008.ppt

June 2006 Global platform for global institutional investors London Stock Exchange - key statistics Leader in cumulative capital raised at IPO Comparing UK and US as listing locations London and New York exchanges offer optimal profile London has world’s highest reputation for regulation and governance Principles-based (UK) versus rule-based (US) approach London has the most liquid equity market in Europe London has the world’s most successful growth market (AIM) London Stock Exchange offers world’s only location for liquid and transparent trading of GDRs London combines simple, flexible disclosure with high reputation of regulators US disclosure regime more prescriptive, exacerbated by need to protect against opportunistic securities litigation London offers rapid turnaround by regulators, and limits the time regulators can take to approve offer documents US: SEC review periods longer, with no certainty on turnaround time AIM offers potentially shorter transaction timetable Comparison of international listing locations An intelligent approach to regulation Corporate governance: overall rating by country Main features The widest choice of proven global markets The widest choice of proven global markets AIM – critical mass to support growth Raising new and further capital on AIM AIM - company size A diverse market AIM – The market of choice for growing Mining companies Flexible regulation Admission Rules No minimum size to be admitted No minimum financial history required No minimum amount of shares to be in public hands In most cases, no prior shareholder approval required for transactions Admission documents not pre-vetted by Exchange or UKLA but by nominated adviser Nominated adviser (Nomad) required at all times Continuing obligations AIM companies are subject to the AIM Rules which outline the continuing obligations of being on a public market. Key continuing obligations are: AIM companies must have a Nomad at all times, otherwise they will be su