Announcement from Nasdaq First North
by Nevern Johns, Managing Director
Today, the Nasdaq First North Market in Europe announced that it has received UK Growth Market Status. The text of the announcement is attached below.
Our company, Fashion on Screen, plans to have its shares admitted to trading on the Nasdaq First North market by the end of 2017 as a deliberate strategy to deliver transparency to all our shareholders and stakeholders as we develop as British film production company.
This announcement today from Nasdaq will give great encouragement to our UK-based investors who are keen to see the tax benefits of their investment in Fashion on Screen together with the corporate governance disciplines which a Nasdaq First North admission will deliver.
Published: 2017-08-17 07:00:00 CEST
Nasdaq First North Receives UK Growth Market Status
UK Based Investors Provided with Tax Exemptions for Investments on Nasdaq First North
Stockholm, August 17, 2017 — Nasdaq (Nasdaq: NDAQ) today announced that Nasdaq First North has been granted UK Growth Market status, the first marketplace outside of the UK to achieve this status. The new status means that UK-based investors will receive tax exemptions on investments in UK-based companies listed on Nasdaq First North, and is yet another step towards making Nasdaq’s marketplace more accessible to non-Nordic issuers and investors.
“Nasdaq First North continues to attract a significant interest from companies outside the Nordics, in particular from companies based in the UK,” said Adam Kostyál, SVP and Head of European Listings, Nasdaq. “We are continuously working to further improve our markets and view this as another step towards making Nasdaq First North the number one growth platform for European small and medium sized enterprises.”
The approval decision from the UK Government’s HM Revenue & Customs covers Nasdaq First North in Stockholm, Helsinki, Copenhagen, Reykjavik, Tallinn and Vilnius, and specifically means that UK-based investors will be provided an exemption from the UK Stamp Duty Reserve Tax (SDRT). The SDRT is a tax on electronic, paperless share transactions and is normally charged at a flat rate of 1.5 percent of the total value of the investment.
Nasdaq First North was launched in 2006 and is home to close to 300 growth companies from a wide variety of sectors. It is currently the leading European IPO market for SMEs, having welcomed 115 new listings (capital raised: 1.1 billion EUR) since January 1, 2016.
The full list of recognized UK Growth Markets can be found here.
About Nasdaq First North
Nasdaq First North is regulated as a multilateral trading facility, operated by the different exchanges within Nasdaq Nordic (Nasdaq First North Denmark is regulated as an alternative marketplace). It does not have the legal status as an EU-regulated market. Companies at Nasdaq First North are subject to the rules of Nasdaq First North and not the legal requirements for admission to trading on a regulated market. The risk in such an investment may be higher than on the main market.
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