London Stock Exchange issues second March update to ‘Inside AIM’ on extensions to accounts filing deadlines for AIM companies

The London Stock Exchange (LSE) has published its second March edition of ‘Inside AIM’ on 26 March 2020, setting out temporary changes relating to an AIM company’s obligation to publish annual audited accounts in accordance with the AIM Rules for Companies (“AIM Rules”).

The LSE notes the unprecedented events of recent weeks mean that there may be circumstances where an AIM company is unable to publish its annual audited accounts under normal legal and regulatory reporting deadlines.

Currently under the AIM Rules, an AIM company has six months after the end of its financial year to publish its annual audited accounts.  This reporting requirement is consistent with the legal filing deadline for UK incorporated public companies under the Companies Act 2006.

The joint-initiative of the Department of Business, Energy & Industrial Strategy and Companies House, now allows UK companies to apply to Companies House for a three month extension of the legal filing deadline.

In response to the above and to assist AIM companies in the preparation of their annual accounts in the current difficult circumstances, from 26 March 2020, the LSE will allow an AIM company to apply to AIM Regulation for a three-month extension to the reporting deadline for the publication of its annual audited accounts pursuant to AIM Rule 19. This extension will be available for AIM companies with financial year ends between 30 September 2019 to 30 June 2020.

The request for extension must be made to AIM Regulation by the nominated adviser, prior to the AIM company’s current AIM Rules reporting deadline.

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Should you wish to discuss any of the matters raised in this article, please do get in touch with Joan Yu, or your usual contact at Armstrong Teasdale.

Originally published at Kermanco.com prior to the firm’s combination with Armstrong Teasdale in early 2021.