What about the AltX?
After a number of false starts with a Venture Capital Market (VCM) and Development Capital Market (DCM), the JSE appears to be developing a vibrant market for smaller businesses looking to access global capital markets.
While liquidity and interest in smaller companies remains muted, the AltX exchange has proven popular with entrepreneurs who own promising businesses. If you are thinking of listing, these are the criteria you need to fulfil: (a) The company must employ the services of a recog
nised Designated Adviser (DA). (b) The company must have share capital of at least R2 000 000 (including reserves but excluding minority interests). (c) The public shall hold a minimum of 10% of each class of equity securities and the number of public shareholders shall be at least 100. (d) The directors must have completed the
Directors Induction Programme ments. (d) The applicant must appoint an executive financial director and the DA must be satisfied (and submit confirmation in writing to the JSE) that the financial director has the appropriate expertise and experience to fulfil their role. (f) The issuer must produce a profit forecast for the remainder of the financial year, during which it will list one full financial year thereafter. (g) The issuer’s auditors or attorneys must hold in trust 50% of the shareholding of each director and the DA in such applicant issuer from the date of listing, and a certificate to that effect must be lodged with the JSE by the issuer’s auditors or attorneys. The relevant securities, whether new or existing, are to be held in trust until the publication of the audited results. (h) At least 25% of the directors must be non-executive.
(DIP) or must make arrange-