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Austria

Austrian Growth Market (AGM)

In the course of the new structuring of the Vienna Stock Exchange (VSE), the Austrian Growth Market (AGM) was established as a division for expansion-oriented, middle-sized companies. The Growth Market completely replaces the fit- segment of the VSE. Since the Growth Market is intended to be part of the Euro New Market, the new segment was designed to meet international standards, in particular with respect to transparency. Its internal organization is similar to the New Market of the Frankfurt Stock Exchange.

Listing requirements

The issuer

Potential issuers have to be a corporation duly incorporated in their home jurisdiction. In addition, issuers must have been in existence for at least three years, one year of which as a registered corporation. All financial statements must have been published in accordance with applicable laws prior to the application for listing.

Minimum volumes

The overall nominal capital requirement for admission of shares to the Growth Market is euro726,728 ($627,000).

The minimum number of shares issued is 100,000.

The equity of the company must amount to at least euro1.5 million at the time of admission.

The expected market capitalization of the issuer should amount to at least euro 5 million and the expected aggregate market capitalization of all admitted shares should exceed euro36.3 million.

Capital increase at issuance
At the time of listing on the Growth Market, an increase of the nominal capital by at least 50% is required which should be made for cash.

Shares widely held
The percentage of shares of the company widely held must be at least 25 %.

Prospectus requirements

A listing of shares on the Growth Market requires the issuance of a prospectus in accordance with the Austrian Capital Markets Act and the Stock Exchange Act. The prospectus should contain sufficient information to enable any investor to assess the shares as well as financial condition, legal standing and development of the issuer. The prospectus should in addition contain a section on risk factors. In particular, there should be information on competition, expiration or termination of licences or substantial contracts, the dependency on certain markets as well as the dependency on the price development of raw materials, currency rates and governmental influence. The minimum general requirements of such a prospectus are set forth in detail in section 74 of the Stock Exchange Act. Financial information has to comply with either International Accounting Standards or US GAAP and the prospectus must be produced in German and English. Peter Huber and Werner Loeber

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