The Prospects MTF is a multilateral trading facility (MTF) operated by the Malta Stock Exchange (MSE). It provides a cost-effective opportunity for small and medium-sized enterprises (SMEs) to raise capital by issuing bonds or equity. Companies considering admission to Prospects MTF require the services of a Corporate Advisor prior to and following the admission process.

The involvement of a Corporate Advisor ensures that transparency and corporate governance efficiencies are achieved and retained, thus instilling greater investor confidence.

Prospects MTF is fully compliant with the EU’s Markets in Financial Instruments Directive (MiFID).

Appointment of a Corporate Advisor

Companies admitted to Prospect MTF will be required to engage the services of a Corporate Advisor. A list of approved Corporate Advisors can be found here.

The role of the Corporate Advisor is to guide admitted companies through the admission process as well as consistently ensure adherence to the companies' continuing obligations as laid down in the Rules. Please click here to view more information.


Admission Process

A five step approach to the smooth admission to the Prospects MTF

Phase One: An introductory meeting between the Exchange, the Corporate Advisor and the prospective applicant to discuss the application process

Phase Two: Compilation of the admission document

Phase Three: A meeting with the Corporate Advisor to verify the thoroughness and completeness of the formal application and accompanying documentation

Phase Four: Submission of the formal application and €5,000 payment

Phase Five: The Admissions Committee reviews and makes its recommendation to the Exchange Board of Directors



Notices and Admission Documents


Fees

APPLICATION FEE

ANNUAL ADMISSION FEE 

ALL TYPES OF SECURITIES
Market Capitalisation
Annual Fee
On the first €15,000,000 0.1% with a minimum of €5,000
On the next €35,000,000 0.05%
Above €50,000,000 No additional fees

EXAMPLE OF ANNUAL FEES APPLICABLE:

Market capitalisation of €5,000,000 or below
Market capitalisation of €15,000,000
Market capitalisation of €50,000,000 or above
 €5,000  €15,000  €32,500

Fees related to Corporate Advisor, please click here.


FAQs
What documents need to be submitted?

 The main documents to be provided by the Corporate Advisor are:

  • Company Admission Document or Prospectus
  • Accountant's Report
  • Audited Accounts
  • Financial Sustainability Forecasts (Financial Sustainability Model)
  • Declarations of suiatability and compliance with the minimum standard undertakings in the Corporate Advisor Agreement
  • Memorandum and Articles of Association
  • Internal Code of Dealing
  • Board Resolution sanctioning the application

Please refer to Chapter 4 of the Rules for more details.


Who is eligilble to apply?

Any company which falls within the EU definition of a small to medium-sized organisation (SME) is eligible to apply for access to Prospects MTF. This also includes start-up businesses.

Company Category Employees Turnover Balance Sheet Total
Medium <250 < €50,000,000 OR  < €43,000,000
Small <50 < €10,000,000 OR  < €10,000,000
 Micro  <10  < €2,000,000 OR  < €2,000,000

To learn more about the eligibility criteria, please refer to Chapter 4 of the Rules


Can foreign companies approach Prospects MTF?

Admission to the Prospects MTF is available to companies based locally or abroad.

A foreign applicant seeking admission to the Prospects MTF is required to present all relevant documents as outlined in the Prospects MTF Rules. Documentation must be presented in English or with an acceptable English translation.
 
It is important that foreign-based companies adhere to all their countries' corporate governance standards and laws and regulations.
 
It is recommended that the engaged Corporate Advisor has a presence in the applicant's country of domicile to ensure more effective monitoring.
 
Please refer to Chapter 4 of the Rules for further information. 

What are the requirements to become a Corporate Advisor?

In order to be eligible as a Corporate Advisor, the applicant must meet a number of requirements some of which are:

  • employ, directly contract or in-source at least two qualified liaison persons who are able to demonstrate the following:
    • experience in advising on corporate finance, governance, compliance, legal or accounting consultancy services;
    • able to maintain the required independence, impartiality and objectivity from their client companies;
    • not subject to any major criminal proceedings;
    • possess a Certificate of Good Conduct from the relevant police force;
    • able to demonstrate a high level of aptitude in the Prospects MTF Rules;
    • undertake to efficiently keep in contact with their client companies as well as the Exchange
  • be able to ensure that its client companies comply with the Prospects MTF Rules, by preventing the disclosure of Inside Information unless required, and by requiring their client companies to give continuous updates on all relevant issues;
  • must be prepared to cooperate with the Exchange on a continuing basis, and to comply with any additional requirements that the Exchange may impose;

Rules reference: Chapter 3

Relevant Information:

For further enquiries please contact us by email on prospects@borzamalta.com.mt

How many securities have been admitted to Prospects MTF?

Securities admitted to Prosepects MTF are found in the Prospects List which is published daily. 

(PDF)* Prospects List

(PDF)* Prospects Price List


 

Publications

 

Contact


Ms Stephanie Galea
Head of Business Development

Tel: +356 2569 6252

Email: sgalea@borzamalta.com.mt


Mr Mark Borg Cardona
Head of Prospects MTF Office

Tel: +356 2569 6205

Email: mbcardona@borzamalta.com.mt

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Securities admitted to the Prospects MTF are issued by small and medium sized enterprises (SMEs). Investment in smaller companies can involve greater risk than is generally associated with investment in larger more established companies and can result in significant capital losses. Securities issued by SMEs tend to be illiquid and investors should therefore seek appropriate advice before making any investment.

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