Admission to listing and admission to trading conditions

1. Where securities are offered as consideration and it is intended that they should be admitted to listing on the Official List and/or to trading on a recognised investment exchange, the relevant admission to listing and/or trading condition should, except with the consent of the Panel, be in terms which ensure that it is capable of being satisfied only when the decision to admit the securities to listing or trading has been announced by the FCA and/or the relevant recognised investment exchange, as applicable.

2. Where securities are offered as consideration and it is intended that they should be admitted to listing or to trading on any other investment exchange or market, the Panel should be consulted.

3. In the case of a scheme of arrangement see Section 15 of Appendix 7.