The Alternative Market (EN.A.) is a Multilateral Trading Facility (MTF) as described in the EU Directive on investment services (MiFID). It is characterized as a “non-regulated market”, since it is not subject to the mandatory provisions applicable to regulated markets which impose more stringent admission and trading requirements.
It was created in 2007 in order to assist small and medium-sized enterprises in their efforts to raise capital, as well as to meet the need for easy, fast and affordable admission to an exchange environment.
Athens Exchange is solely responsible for laying down the requirements for admission to trading, as well as the obligations of companies and Nominated Advisers. The trading of shares and clearing of transactions in EN.A. are similar to those in the regulated market of Athens Exchange.
EN.A. is characterized by more flexible admission and trading criteria compared to the regulated market and is directed towards dynamic companies with growth prospects seeking to:
fund their development, outward-looking perspective and vision;
attract business partnerships and agreements;
gain experience for a possible subsequent move to the Main Market of Athens Exchange;
obtain an “objective” valuation of their company;
increase their visibility in Greece, the Southeast Mediterranean and other international markets.
Athens Exchange has created the following two distinct Alternative Market segments, for which corresponding admission requirements and procedures apply:
EN.A. STEP and
EN.A. PLUS

The EN.A. STEP market
EN.A. STEP is the segment of the Alternative Market (EN.A.) of Athens Exchange which aims to provide small and medium-sized companies with a funding solution on market terms.
In particular, EN.A. STEP is directed towards growth companies that apply innovative ideas in the development, production or marketing of their products and services, but also companies that are in the early stage of their business development, which seek an alternative source of funding to implement new business ideas and achieve future growth.
During the initial evaluation phase for admission to EN.A. STEP, a key selection criterion is the implementation of original business ideas, not only in technologically advanced sectors (e.g. energy, water resource management, biotechnology, ICT) but also in more traditional sectors (e.g. new methods of agricultural production, packaging and standardization of food and beverages, methods to penetrate foreign markets).

Requirements for Admission to EN.A. STEP
The requirements for a company’s admission to EN.A. STEP are the following:

Equity

No restriction

Raised funds

No restriction.

Financial Statements

No restriction
In the case of companies that have published financial statements, the statements for the most recent fiscal year must comply with IAS/IFRS standards and have been audited by a Certified Auditor.

Business Plan

It is drawn up if the company does not have at least two years of previous activity in the sector of economy and the area of business in which it will operate after admission of its shares in ENA.

Free Float % distribution to investing public

No restriction.

Number of persons (5%)

No restriction.

Tax audit

Statement submitted by the Nominated Adviser regarding the adequacy of provisions recognized in the financial statements and any tax liabilities for the unaudited fiscal years. (for the company and its subsidiaries included in the latest consolidated financial statements)

Lock-up period

If a Business Plan is submitted

Shareholders holding greater than or equal to 5% each may transfer a maximum of 25% of the shares they held on the date of admission, during the period of implementation of the Business Plan.

If losses have been reported in the two fiscal years prior to admission

Shareholders holding greater than or equal to 5% each may not transfer their shares for a period of one year after admission.

Nominated Adviser

Mandatory appointment of a Nominated Adviser at the admission approval stage and retention of the Nominated Adviser for as long as the company remains in ENA STEP.

Corporate Governance

Corporate governance practices applied or reference to the corporate governance code adopted.

The EN.A. PLUS market
EN.A. PLUS is directed towards companies with prior operating history and business development, and more specifically those active for at least two years in the economic sector and area of business in which they will operate after admission of their shares to trading in this segment.
In the case of companies with fewer financial years, ATHEX may approve admission subject to the submission of specific documentation by the Nominated Adviser.
If a company does not have two years of previous activity in the economic sector and area of business in which it will be operating, it draws up a business plan for the admission of its shares to EN.A. PLUS.
The shares of 11 companies are currently trading on EN.A. PLUS.

Requirements for Admission to EN.A. PLUS
The requirements for a company’s admission to EN.A. PLUS are the following:

The EN.A. PLUS market
EN.A. PLUS is directed towards companies with prior operating history and business development, and more specifically those active for at least two years in the economic sector and area of business in which they will operate after admission of their shares to trading in this segment.
In the case of companies with fewer financial years, ATHEX may approve admission subject to the submission of specific documentation by the Nominated Adviser.
If a company does not have two years of previous activity in the economic sector and area of business in which it will be operating, it draws up a business plan for the admission of its shares to EN.A. PLUS.
The shares of 11 companies are currently trading on EN.A. PLUS.

Requirements for Admission to EN.A. PLUS
The requirements for a company’s admission to EN.A. PLUS are the following:

Bonds on EN.A. markets
In addition to shares, issuing companies (Greek or foreign) may also trade various types of bonds on ENA (common, convertible, exchangeable, warrant-linked, etc.). For more information about the admission of bonds, click here.

Capital raising
Admission of transferable securities to ENA enables companies to raise capital by means of a) a share capital increase with cash payment and issuance of new shares, or b) the issuance of corporate bonds, which will be distributed to the investing public:
Without a Public Offering in the framework of a Private Placement to a limited number of investors, which requires submission to ATHEX of an admission Information Document, the content of which is laid down by decision of the Board of Directors of ATHEX.
With a Public Offering to the investing public for a value up to €5,000,000, which requires an underwriter, the drafting of an Information Document (Decision 12/697/10.11.14 of the Board of Directors of the Hellenic Capital Market Commission) and its approval by Athens Exchange.
With a Public Offering to the investing public for a value equal to or higher than €5,000,000, which requires an underwriter, the drafting of a Prospectus and its approval by the Hellenic Capital Market Commission.
In all cases, capital may be raised by using the Electronic Book Building (EBB) mechanism through the network of ATHEX Members.

Trading Model
The trading model for shares is:
• Continuous trading from 10:30 to 17:20;
• Price fluctuation limits set at +/- 10%, +/-20%;
• Use of the Automated Integrated Trading System (OASIS) of ATHEX;
• Clearing of transactions by ATHEXClear;
• Settlement of transactions and registration of securities by ATHEXCSD.
• The trading model for bonds is:
• Continuous trading from 10:30 to 17:00;
• Transaction prices of bonds calculated as a percentage (%) of their face value;
• Unlimited trading limits;
• Use of the Automated Integrated Trading System (OASIS) of ATHEX;
• Clearing of transactions by ATHEXClear;
• Settlement of transactions and registration of securities by ATHEXCS