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This Practice Note focuses on the regulatory Requirements under the AIM Rules for Companies (AIM Rules) applicable to an AIM company which is carrying out a transaction classed as a Reverse Takeover.

A reverse takeover under the AIM Rules is essentially an acquisition by an AIM company of a business, company or assets (target) where the target is larger than the AIM company itself or which would result in a fundamental change in the business, board or voting control of the AIM company.

It should be noted that there are also similar provisions on reverse takeovers in the Listing Rules published by the Financial Conduct Authority (FCA) that apply to companies listed on the Official List. The rules relating to listed companies are generally more prescriptive than those that apply to AIM companies. For information on the reverse takeover rules that apply to listed companies, see Practice Note: Reverse takeovers.