Qualification as an SME
(Article 4(1)(13) of Directive 2014/65/EU)
1.An issuer whose shares have been admitted to trading for less than three years shall be deemed an SME for the purpose of point (a) of Article 33(3) of Directive 2014/65/EU where its market capitalisation is below EUR 200 million based on any of the following:
(a)the closing share price of the first day of trading, if its shares have been admitted to trading for less than one year;
(b)the last closing share price of the first year of trading, if its shares have been admitted to trading for more than one year but less than two years;
(c)the average of the last closing share prices of each of the first two years of trading, if its shares have been admitted to trading for more than two years but less than three years.
2.An issuer whichthat has no equity instrument traded on any trading venue shall be deemed an SME for the purposepurposes of Article 4(1)(13) of Directive 2014/65/EU if,if accordingthe tonominal value of its lastdebt annualissuances or consolidated accounts, it meets at least two ofover the followingprevious threecalendar criteria:year, anon averageall numbertrading ofvenues employees duringacross the financialUnion, year of less than 250, a total balance sheetdoes not exceeding EUR 43 000 000 and an annual net turnover not exceedingexceed EUR 50 000 000 .million.