The MTF Prospects is a multilateral trading system (MTF) managed by the Malta Stock Exchange (MSE).
It provides an economic opportunity for small and medium-sized enterprises (SMEs) to raise capital by issuing bonds or shares. Companies that provide admission to MTF Prospects require the services of a Corporate Advisor before and after the admission process.
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The involvement of a Corporate Advisor guarantees the achievement and maintenance of transparency and efficiency of corporate governance, thus increasing investor confidence.
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Outlook MTF is fully compliant with the EU Directive on financial instruments markets (MiFID).
Small and medium enterprises are the backbone of many economies. Most companies in the European Union are SMEs and many of them are classified as micro enterprises, as they have less than 10 employees and have a turnover, or a balance sheet of less than € 2,000,000.
Features and benefits of Prospects - listing for SMEs in a regulated European market
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It complies with the MIFID directive that regulates investment services and Multilateral Trading Facilities,
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It is a listing process of a European stock exchange dedicated to SMEs, including start-ups,
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It allows advantageous access to the capital market (investment or financing) without the need or obligation of collateral or collateral,
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It does not provide for a minimum value for the IPO (Initial Public Offering) but only a maximum maximum value of the free float of the financial instrument in listing equal to € 5 million,
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Listing process led by the Malta Stock Exchange (MSE),
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The Corporate Advisor has a key role,
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It is not passable within the European Union when approved by the Malta Stock Exchange (MSE),
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It does not provide for any minimum mandatory floating quota. It therefore allows listing also for the sole purpose of visibility and business knowledge, determination of a market value in anticipation of potential disposals of shares sold in succession or divestment by minority shareholders,
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A business plan is required,
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The financial instruments listed on the Prospects list have the trademark and reputation of the Malta Stock Exchange.
Any company that falls under the Community definition of small and medium-sized enterprises (SMEs) can apply for admission to Prospects. To be able to start the listing process, the company (which must have the form of a.p.a. and a minimum capital of € 46.588,00 i.v.) must appoint a Corporate Advisor among those registered and accredited by the Malta Stock Exchange (MSE).
CRITERIA FROM THE EU REGARDING SME CATEGORIES
Business categories
Employees
Turnover
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Balance sheet
Middle
< 250
< € 50.000.000
Or
< € 43.000.000
Small
< 50
< € 10.000.000
Or
< € 43.000.000
Micro
< 10
< € 2.000.000
Or
< € 2.000.000
Why get listed with Prospects?
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It allows the company to expand its shareholding structure and diversify its sources of financing, reducing its dependence on the credit system
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Increases the visibility of the company and strengthens its credibility towards customers and suppliers internationally,
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It guarantees the company an objective assessment of the market,
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It offers existing shareholders or heirs of the founding partners a strategy to exit the capital and the possibility of making their investments,
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Enables the introduction of incentive plans for managers and employees,
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Access to capital increases and loans, through the issuance of new shares and corporate bonds
ADVANTAGES FOR BUSINESSES
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Access to capital increases and loans, through the issuance of new shares and corporate bonds
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Admission to "Prospects" will increase brand awareness among the public
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Admission to "Prospects" may be part of a process of planning the internal succession within the company
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SMEs will enjoy the benefits of good corporate governance and the efficiency and effectiveness it brings
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Admission to "Prospects" could open up the opportunity in the future to obtain listing on a regulated market
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The company will be able to secure the capital at a competitive coupon rate, in the case of the issuance of bonds and in favorable conditions compared to other traditional methods of financing
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The admission of the net assets will offer existing or new shareholders the opportunity to exit the market efficiently in the future
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No guarantee is required for access to finance on the capital market.
A five-step approach to regular admission to the MTF Prospects
1. Step one: an introductory meeting between the exchange, the business consultant and the potential applicant to discuss the application process
2. Phase two: filling in the admission document
3. Phase three: meeting with the Corporate Advisor to verify the accuracy and completeness of the formal application and the accompanying documentation
4. Fourth phase: presentation of the formal application and payment of € 5,000
5. Step five: The admissions committee reviews and makes its recommendations to the Exchange board of directors
On PROSPECTS, as on any other platform dedicated to the trading of financial instruments issued by SMEs, only limited companies can be listed.
PARAMETER
LISTING REQUIREMENTS
Minimum share capital
minimum equal to € 46.588,00 - fully subscribed and paid up
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A historian is not indispensable
Track record
PROSPECTS is the only platform dedicated to the negotiation of financial instruments available for start-ups
INITIAL PUBLIC OFFER (of equity instruments)
There is no minimum value for the initial public offering
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No minimum percentage of shares is required to be placed on the market
Minimum lot
Not expected
REGISTRATION FEE
€ 5,000 for the MTF Prospects admission application. An additional commission for managing documents of € 3,000 applies where the proposed issue is guaranteed by tangible assets, therefore the total commission for the application in such cases will be € 8,000.
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Where the MSE requires additional skills and resources to process an application, additional fees may apply.
ANNUAL ENTRY FEE
Market capitalization of shares or nominal value of fixed-income securities
​Annual admissions commission
On the first € 3,500,000
€3500
In the next € 1,500,000
€5000
In the next € 2,000,000
€7000
In eccesso di oltre € 7.000.000
€8000
EXAMPLE OF APPLICABLE ANNUAL TAXES: