Who or what is AktieTorget
AktieTorget Holding AB is owned by a number of private individuals and legal entities. AktieTorget Service AB and AktieTorget AB are wholly owned by AktieTorget Holding.
Patrik Engellau is the CEO of AktieTorget AB and AktieTorget Holding AB.
Anders Broström is Chairman of the Board of AktieTorget Holding AB and the AktieTorget AB stock exchange. Ulf Ericsson is the Chairman of the Board of AktieTorget Service AB.
What's the idea behind AktieTorget?
There are many promising companies that could grow if they had more capital.
There are many people who would gladly invest a larger or smaller sum of money in these companies by buying shares if they only came in contact with the companies and knew that they could sell their shares at any time.
AktieTorget Holding AB exists for that reason and owns two separate subsidiaries, each with their own task:
- AktieTorget Service AB in cooperation with a number of regional franchise holders helps promising companies raise capital from the general public.
- AktieTorget AB as a stock trading platform, provides an effective, nationwide system for trading the shares of those companies, which have listed with AktieTorget.
As a businessman, what advantages are there for me to use AktieTorget Service AB and AktieTorget AB?
AktieTorget Service can provide the opportunity for you to raise the capital you need to implement your business plans.
By listing with the AktieTorget stock exchange, you can trade your company's stocks. Listing can also provide you with other opportunities, such as increasing visibility for your company, making it easier to recruit good employees, and finding additional financing when you need it. It can also provide help with sales, further improve relations with suppliers, etc. Listing your stock can also create future opportunities to access venture capital, if needed.
Is AktieTorget AB approved by the Swedish Financial Supervisory Authority?
Yes. AktieTorget has the Swedish Financial Supervisory Authority's approval to operate as a securities firm. A securities firm can offer the stocks of listed companies for trading.
What's the difference between a regulated market and a regulated securities firm, which runs a multilateral trading facility?
A regulated market has been authorized by the Swedish Financial Supervisory Authority to buy and sell financial instruments. The Swedish Financial Supervisory Authority also authorizes the operation of a securities company. These are two different types of authorizations with different assessment criteria and requirements. The main differences concern the operations of the two types of exchange companies and how the activities of the listed companies are regulated. In principle, trading of securities works in the same way, regardless of the status of the exchange company.
For a multilateral trading facility, there are no requirements for a disciplinary committee and lower requirements regarding market surveillance. AktieTorget has nonetheless chosen to create a disciplinary committee comprised of two legal experts and to organize market surveillance in the same way as for a regulated market.
For listed companies, there is a big difference between the set of regulations that apply to regulated securities exchanges and those that apply to securities companies. This is due to the new, more restrictive EU rules established from 2005 to 2007 for companies listed on regulated securities exchanges. The idea is to establish one set of regulations for the largest securities exchange companies and another regulatory system for other securities companies. In fact, the regulatory system for regulated securities exchanges is a poor fit for the type of company that AktieTorget works with.
AktieTorget is of the opinion that the regulations for companies listed with multilateral trading facilities are, in some cases, insufficient to provide good protection for investors. AktieTorget's Listing Agreement therefore includes additional requirements. With the additional requirements, the regulations are basically the same as those that were in place when AktieTorget was authorized as a securities exchange.
The additional requirements mainly concern:
- Insider reporting and red flag rules
- Public purchase offers and takeovers
- Listing Memorandum (corresponding to the Swedish Financial Supervisory Authority's approved Listing Prospectus)
I have a prospective company that needs capital. How can AktieTorget Service help me get in touch with people who have capital?
There are different ways. One method is market days. Market days are held in various parts of the country and are organized by the regional stock exchanges that work with AktieTorget Service. Anyone who is interested is welcome to attend.
When your company has been reviewed and approved for listing with the AktieTorget exchange, you can present your company at market days. If your company is planning on arranging a public offering in conjunction with listing with AktieTorget, market days are a good opportunity to sell stocks.
In addition to the network of regional market days, AktieTorget Service has a database of people who have specifically expressed interest in receiving information about and participating in public offerings of small and medium sized growth companies. Currently, this list includes over 8,000 people.
Where are the regional organizations?
Our goal is to establish a franchise holder in every region of Sweden. Currently, AktieTorget is in Öresund, the South (with it's main office in Ängelholm), Stockholm, Uppland, Fyrbodal (Fyrstad, Bohuslän och Dalsland), the West (Gothenburg), Småland, North and Södermanland.
How can you buy and sell stocks after a public offering?
The AktieTorget stock exchange has an agreement with the Stockholm Stock Exchange to use their electronic system for trading stocks — INET Nordic. Anyone who wants to buy or sell stocks listed on AktieTorget follows the same procedures as when he/she buys or sells stocks in Astra, Ericsson or Volvo. You contact your bank, a member of the stock exchange or an Internet-broker.
Which companies are welcome to list on the AktieTorget exchange?
The short answer might be:
All companies that can grow and increase the share equity of their owners.
The longer answer might be:
Growth potential is important, of course. Buyers are good people who are happy to help you, but most importantly they probably want to increase their return on investment. In spite of it all, they take a risk when they buy stocks.
Your business idea needs to be reasonably clear. AktieTorget does not get involved in finding capital for promising but undeveloped ideas.
The company should preferably have been in operation for a few years. You need to have experience as a businessman.
You must realize that it is a big responsibility to take on external owners. It is no longer only working with your own money.
You have to sell a minimum amount of two million SEK worth of stocks. But if you want to issue stocks for such a small amount, your fixed costs will eat up a large amount of the capital you raise. Larger public offerings mean that the fixed costs eat up a smaller portion of your capital. Most likely, offerings of less than 3-4 million SEC will not be of interest to you as a business owner. AktieTorget has not set any formal ceiling on the amount of a public offering.
Do you have to do an initial public offering to be listed?
No. You can list your company with AktieTorget even if you do not need money. For example, your company might need to become more visible or create liquidity for shares owned by its employees.
But what if my company is not ready to expand ownership and start trading? For example, what if I only need half a million to development a good invention. Can I get your help in that case?
In such cases, your company can arrange one or more private offerings ("private placements"), i.e. sell shares to a limited group of investors without the immediate goal of listing with AktieTorget and trading your stocks.
Private offerings are often appropriate for projects and companies that have not yet grown sufficiently to be the object of a broader distribution of ownership and trading. For a regional stock exchange to work with you, however, your long-term objective should be to list with AktieTorget and trade your stocks.
How much does it cost to trade stocks on the AktieTorget exchange?
Banks and stock market members determine brokerage fees and other charges.
What are the tax consequences if my company is listed on the AktieTorget exchange?
You avoid taxation as a closely-held company. A company where more than half the shares or votes are controlled by a few people is called a closely-held company. There are special rules for them. If you sell more than half the shares in a public offering—which you do not need to do if you want to retain control of the company—your company will no longer be considered a closely-held company. But there is a transition rule. Even if the company is no longer a closely-held company, the former owners of the closely-held company will continue to be considered owners of the company for five years.
Do I risk losing control of my company if I take on external owners?
You do not have to lose control. Swedish law allows stocks with differentiated voting rights. If you split your stocks into A-stocks with full voting rights that you retain and B-stocks with weaker voting rights that you sell, you can retain control of your company even if you only own 10 percent of the shares.
How is the offering price determined?
The offering price must be reasonable. You decide, but often after consultation with AktieTorget. The offering price is one of the factors that the Board of Directors of the AktieTorget exchange takes into account when they decide if a company is going to be approved for trading.
How do shareholders learn about trading on the AktieTorget exchange after listing?
The stock prices are sent to the stock sections of the newspapers, a large number of stock Internet sites, SVT text on Swedish TV, page 219, www.aktietorget.se and to associated press services such as SIX, Thomson Reuters and Bloomberg.
Can I get in touch with investors in other ways than at AktieTorget's market days?
In addition to market days, there are many other avenues organized by AktieTorget Service and the regional exchanges. You probably have your own contacts. You can also draw upon banks and stock exchange members for support. In addition, you can get help through the regional exchanges' network of contacts and AktieTorget Services' database of interested investors.
What happens if my company is approved but doesn't sell its entire offering?
You must continue with the offering process until you have met the requirements for distribution of shareholders if you want to be listed.
What do you mean by distribution requirements?
In order for there to be trading in your company's stocks, your stocks must be reasonably distributed between shareholders. There are therefore a number of distribution requirements for your company to be listed on the AktieTorget exchange. The distribution requirements are as follows:
- The company must have at least 200 shareholders who each own at least 0.1 of the base price amount (currently around 4,000 SEK).
- The public must own a minimum of 10 percent of the equity and control 10 percent of the votes. A stock offering must have a minimum value of at least two million SEK.
In certain cases, the Board of Directors of the AktieTorget exchange can allow exceptions from these requirements.
What are the requirements concerning insider trading and disclosure of information to the general public?
Regarding insider trading crimes, the Law on Penalties for Market Abuse when Trading Financial Instruments (2005:377) stipulates that a person who has information about a circumstance that is not public knowledge and that may influence the price of a stock, may not trade that company's stocks or disclose that information to others.
Regarding the requirements for disclosure of information to the general public, listed companies must make public the names of the people who have positions that give them continuous access to important information that can influence investment decisions. These same people must subsequently report any trading they do in any listed company's stocks to AktieTorget, which reports these transactions on its web page.