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First North in the Baltics
In the Baltic countries, First North is harmonized across the exchanges in Tallinn, Riga and Vilnius to fit the needs of growth companies and investors: • Access for potential IPOs Companies interested in listing on First North in the Baltic countries are admitted via the local stock exchanges in Tallinn, Riga or Vilnius. First North is an attractive marketplace not only for local but also for foreign companies that either do business in the Baltic region or are looking for a window to the EU markets. • Easy investor access First North in the Baltic countries is automatically accessible to all members on the exchanges in Riga, Tallinn or Vilnius thereby giving easy investor access Alternative marketplaces vs regulated Main Market marketplaces The basic principles of operation of alternative marketplaces are very similar to those of regulated markets and stock exchanges. However, there are some notable differences. Alternative marketplace issuers are able to obtain virtually the same benefits as on a regulated market, but with lower resource consumption both financially and in terms of man-hours spent. | | Regulated Market - Baltic Main List | Alternative Marketplace First North in the Baltics | | Leagal status | Regulated market listing with all applicable regulations | Admission to trading on alternative marketplace, mainly regulated by stock exchange | | Admission documents | Prospectus meeting all requirements, approved by FSA | Prospectus or simplified company decription | | Minimum size | At least EUR 4 million market capitalization | No minimum requirements | | History | At least 3 years of operation | No minimum requirements | | Dispersion of shares | Minimum free float requirements 25 % or EUR 25 million | No minimum requirements | | Reporting standards | Reporting according to International Financial Reporting Standards (IFRS) | Reporting according to local accounting standards or IFRS | | Disclosure languages | Local and English language disclosures | Local or English language disclosures | | Financial reports | Annually, semi-annually and quarterly | Annually and semi-annually | | Submission of Corporate Governance report | Compulsory | Voluntary | | Role of Certified Adviser | Issuer fulfills all the requirements by itself | Certified Adviser continuously supports issuer in fulfilling requirements | | Investment risk | Controlled risks given high admission and information disclosure requirements | Higher risks given lower requirements |
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