Lapp Plats, the nickel and platinum exploration company, has become the first company to list on the Irish Stock Exchange’s new smaller companies exchange, the Irish Enterprise Exchange (IEX). The company was formerly listed on Ofex, the UK exchange focussed on small and medium enterprises from around the world, and listed on the IEX on May 25th.
 | | Lapp Plats, the nickel and platinum exploration company, has become the first company to list on the Irish Stock Exchange's new smaller companies exchange, the Irish Enterprise Exchange (IEX) |
Lapp Plat’s main shareholder is MinMet, a Dublin based natural resource company involved in exploration and mining, which holds 7.5 million ordinary shares representing 58.4 per cent of the company. The remaining shares are held by several individual shareholders. MinMet is also listed on the IEX, as when the exchange was launched on April 12th the eight firms which were formerly listed on the Exploration Securities Market (ESM) and the Developing Companies Market (DCM) transferred to IEX.
The IEX was established to facilitate small to mid-sized Irish companies that are considering a public flotation, and is similar to the London Stock Exchange’s Alternative Investments Market (AIM), which has been very successful to date, with 1,300 companies listed and a combined market capitalization of €11 billion. The IEX Rules are complementary to the AIM admission rules in the UK, thereby allowing Irish companies the option of co-ordinating admission to both markets using the same timetable and essentially the same admission document.
Companies looking to list on the Exchange need to have a minimum market capitalisation of €5 million, and do not need a trading record. |
