The New AIM Rules: What They Mean

On 5 August 2026, the London Stock Exchange’s new AIM Rules for Companies (and associated revised publications) came into effect, bringing a number of significant changes for both existing AIM companies and businesses considering joining the market either through an IPO or a dual listing.

At Strand Hanson, we welcome the changes and fed substantially into the consultation. We believe they give AIM companies greater freedom to raise capital, pursue acquisitions and undertake other corporate activity, while also making the market more accessible to international businesses.

The changes should be particularly positive for acquisitive and capital-hungry companies, as well as other UK and overseas-listed businesses considering accessing the London market.

Below, we look at the key changes, who stands to benefit and what they could mean in practice.

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More freedom for AIM companies to pursue M&A

One of the most significant changes relates to acquisitions and reverse takeovers.

The revised rules should make it quicker and more cost-effective for AIM companies to undertake large acquisitions in their existing sector, with no automatic trading suspension in certain circumstances, subject to appropriate disclosure. 

The threshold for AIM Rule 12 disclosure requirements has also increased to 25%, creating a more proportionate approach to disclosure around substantial transactions. The changes also introduce a more pragmatic approach to anomalous results under the other Class Tests. 

For acquisitive AIM companies, these changes should provide greater flexibility when pursuing growth through M&A.

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A new option when raising capital

The introduction of the Capital Access Window gives AIM companies the ability to request a temporary suspension in trading as part of a fundraise.

This is intended to reduce price volatility and the scope for price manipulation during the fundraising process, while giving companies the ability to access a broader investor audience, including retail investors. 

For companies that regularly access the equity markets, this provides an additional option when considering how best to structure a fundraising process.

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Removal of minimum 12-month working capital requirement on admission

The regulatory imposed requirement to have at least 12-month working capital from the point of admission has been removed, providing a potentially less dilutive route to market with lower fundraising requirements. 

Instead AIM applicants will disclose the sources of funds they currently have access to, and what that means for developing their business plan, along with expected future funding requirements.

In practice, however, we expect most companies still to come to market with somewhere in the region of at least 12-months working capital, with the process to confirming this in the admission document being quicker and more cost effective.

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Opening AIM to more international companies

The new AIM Express Market framework provides qualifying overseas-listed companies with a more streamlined route onto AIM, including expedited due diligence and no AIM Rule 7 lock-in requirement. 

The range of eligible overseas markets has also been significantly expanded, meaning an expedited AIM admission may now be an option for companies listed on the majority of global exchanges. 

To qualify, companies must meet a number of criteria, including having been listed on an AIM Express Market for at least three years, having an expected market capitalisation on admission of at least £20 million, having had no major changes to the business and/or board in the preceding 12 months, and having all required admission and disclosure documents required for their existing exchange available in English. 

The reduction in the qualifying period from the previously proposed four years to three years is a particularly positive development for potential dual-listing candidates.

Again, there is also no minimum 12-month working capital statement requirement, providing a potentially less dilutive route to market with lower fundraising requirements. 

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Making a London simultaneous dual listing easier

The reforms also create a new route for companies seeking a dual listing.

Qualifying companies can rely on the listing document prepared for an AIM Express Market for a proposed simultaneous AIM admission, helping to reduce duplication, cost and complexity. 

Again, there is also no minimum 12-month working capital statement requirement, providing a potentially less dilutive route to market with lower fundraising requirements. 

Combined with the broader range of eligible overseas markets and expedited due diligence process, this should make AIM a more attractive option for international companies looking to access UK investors and London market liquidity.

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What else has changed for AIM companies?

There are a number of other changes relevant to companies already admitted to AIM.

These include the removal of the requirement for an admission document when admitting a second line of securities, making that process quicker and more cost-effective, as well as greater flexibility around the adoption of a corporate governance code. While the rules around the adoption of a recognised corporate governance code have been relaxed, Strand Hanson would still encourage companies to adopt the QCA Code. 

The Nominated Adviser role has also been refocused to be more corporate finance-focused rather than compliance-focused. A replacement AIM Rule 11 links disclosure obligations to those required under UK MAR, while leveraging the Nominated Adviser’s corporate finance expertise to help AIM companies understand the potential market impact of business developments when considering their UK MAR obligations.

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Our view

As the largest independent Nominated Adviser on AIM, Strand Hanson believes the reforms represent a positive step forward for the market:

• For existing AIM companies, these changes should provide greater flexibility when undertaking acquisitions, raising capital and carrying out other corporate activity – allowing companies to do more with their AIM listing, not less. 
• For international companies, as long as they meet the relevant criteria, the streamlined admission and dual-market routes provide a potentially quicker and cheaper way of accessing UK investors, securing a London listing and accessing the liquidity that comes with it. 

In particular, the reforms should benefit acquisitive and capital-hungry companies by reducing some of the cost, complexity and regulatory friction associated with transactions and fundraising.

If you would like to hear more about the changes or discuss how they could apply to your business, please get in touch with the Strand Hanson team.