Multiple Pre-empted Listings Facility on The International Stock Exchange (TISE)

Multiple Pre-empted Listings Facility (Bonds) – Variable Funding Notes & Amortisations

The Multiple Pre-empted Listings Facility (MPEF) is available where more than 4 further issues and/or partial redemptions of a listed company are anticipated in a 12-month period per listed security (inclusive of amortisation and variable funding note facilities).

Issuers of listed securities on TISE can choose to operate a MPEF in these circumstances:

• If a fluctuating total value of securities is anticipated under a Variable Funding Note (VFN); or
• If an amortisation schedule is connected with a class of securities.

In relation to the process, the MPEF facility should be applied for as part of the initial application.

In relation to on-going notifications to TISE, quarterly notifications are acceptable by way of an application to the Exchange and should show either:

• The change in aggregate value of the securities for a VFN security; or
• The change in value of the securities following any amortisations during the appropriate reporting period.

Required Documents/Information:

In addition to the information required for the submission of the initial listing application the following information is required:

• Aggregate value of the securities relating to a VFN security; or
• Value of the securities relating to an amortising security during that notification period

TISE reserves the right to require additional documents as it may require to consider the application.

Fees

A TISE fee of £2,500 per class for a  MPEF applies at the initial application stage; the facility is granted for the duration of the listing and is charged annually.

Process

Where an issuer is utilising an MPEF, an issuer is required to notify TISE on a quarterly basis of the aggregate value of securities in issue whether there has been a change or not with the required documents. These are submitted via the listing agent.

Should an issuer have availed itself of the MPEF facility, the Exchange expects to be notified of any movements as soon as practicable following the end of the reporting period.

Any further issues of securities beyond the applicable headroom limit for each security class require a new listing application to be submitted to TISE.

Appleby 

Appleby Securities (Channel Islands) Limited (Appleby) is a leading listing agent with TISE and assists domestic and international issuers listing securities on TISE. Appleby also act as an issuer’s ongoing listing agent and assists them in meeting their continuing obligations as a listed issuer on TISE. Appleby’s listings team is committed to delivering a highly professional and integrated service, coordinating the listing process and supporting the issuer through their application.

Appleby provides advice to companies and their advisers whether they are issuers, sponsors, lead managers, shareholders or underwriters. Our experts also work alongside other international law firms as part of a wider advisory network. Please do not hesitate to call us for more information.