Sense Of Nostalgia In Hemingways Novel - Free Essay Example

Sample details Pages: 6 Words: 1714 Downloads: 8 Date added: 2019/05/31 Category Literature Essay Level High school Tags: Hills Like White Elephants Essay Did you like this example? Hills Like White Elephants is a short story by Ernest Hemingway that offers a brief glimpse into the lives of expatriates during the pre- World War 1 time-frame. Hemingways personal experience as an expatriate living in Europe during the 1920s can be seen throughout the images so keenly described in his short story Hills Like White Elephants and is an accurate piece of literature based on experiences that were common amongst other expatriates of that generation this story reflects many trends popular with expatriates who had traveled to post-WWI Europe. The story can be interpreted through the exploration of the cause of those trends and ideals held by that (lost) generation. Don’t waste time! Our writers will create an original "Sense Of Nostalgia In Hemingways Novel" essay for you Create order Through this opening passage we are able to understand the location of where our characters are traveling. The beginning of our story sets a scene for the reader: The hills across the valley of the Ebro were long and white. On this side there was no shade and no trees and the station was between two lines of rails in the sun. Close against the side of the station there was the warm shadow of the building and a curtain, made of strings of bamboo beads, hung across the open door into the bar, to keep out flies (Hemingway). The Ebro is a river in Spain Northeast of Madrid, much closer to the border of France. The two characters of the story, the American and the girl are traveling towards Madrid, the central hub of Spain, a place that could solve problem they are having. We understand towards the end of the story, that the couple is discussing the possibility of an abortion, something that was highly illegal in the 1920rs, especially in a catholic country such as Spain. To understand the mentality, outlook and understanding of life the characters have, presented to us through dialogue, we must first understand the life that an expatriate experienced in the early 20th century. The reason we can rely on this story as one that is accurate to the real experiences of an expatriate in Europe is because the writer, Ernest Hemingway, was an expatriate himself. Ernest Hemingway was born in Oak Park, Illinois in 1899. At the age of eighteen he volunteered as a Red Cross ambulance driver during World War 1 and was sent to France. This choice is what gave Ernest much insight and relation that helped him develop his works later in life. A large reason of expatriates in Europe during the 1920rs is due to the result of World War 1 and the exposure that many young Americans experienced when there. In Matthew Boltonrs essay on Hemingway as an expatriate, he states: In the wake of World War I, a combination of cultural and economic factors conspired to make the city an attractive destination for footloose Americans. The United States involvement in the war meant that some five million young men had been exposed to life in Europe. With the war over, some of these veterans found that France held far more attraction for them than did their American hometowns (Bolton). We understand that, World War I resulted in a cultural movement, exposing many Americans to the expatriate life of Europe the added effects of the war resulted in the generation that fought it to be lost to Europe the lost generation. The reactionary decade that followed the war gave way to many institutions to American culture that dissuaded much of the lost generation to return to American. Prohibition noble experiment in outlawing the manufacture and sale of alcohol, had gone into effect in January of 1920. Mainstream American culture, and the legal apparatus that supported it, was resolutely bent on reintegrating the veterans of the Great War into a life of temperance, family values, and the Protestant work ethic (Bolton). Following Hemingwayrs understanding of post-World War I America, we can expect that the writer did not want to return to a land of ?godliness, propriety, and respectability were of paramount importance (Bolton). The buying power of the dollar to the Franc also was a large deciding factor to the average expatriate. In an article Hemingway wrote to the Toronto Star, for which he worked as a foreign correspondent in Paris, he stated: An American or Canadian can live comfortably, eat at attractive restaurants and find amusement for a total expenditure of two and one half to three dollars a day (Reynolds 5). Hemingway was an expatriate himself and through the experiences he gained through World War I, as well as working as a foreign correspondent among many other things and experiences throughout his life we are able to peer into the life of an expatriate (the life of an expatriate is divulged less through Hills Like White Elephants than it is through Hemingwayrs other works, such as The Sun Also Rises, but if we can understand the authors background, or have at least read any of his other works, we are able to acknowledge the meaning of the story and the underlying stories that are not written). The story of Hills Like White Elephants is one that is built on the curiosity of the reader. The subject of abortion in the story is never directly divulged by the characters, but is hinted upon throughout. The main characters, only known as the American and the girl, are seen to be expatriates experiencing a life of exploration through Europe them presently being in Spain. They are in a train junction and the express from Barcelona would come in forty minutes. It stopped at this junction for two minutes and went on to Madrid (Hemingway). The full written story takes only eight or so minutes to read and at the end of the story we read that the train comes in five minutes (Hemingway). This shows us, through the lack of information and the state-of-fact writing that Hemingway is praised for, that there was much silence during that time period. This helps us understand the setting further. The man in the story seems to push for the girl to receive the procedure. The girl is rel uctant, but through the setting we can say that, though reluctant, the girl is also unsure of what to do because they are at a junction which tells us that the couple has travelled this far already in order to get to Madrid where this procedure could be done. The man in the story is very matter-of-fact, realistic, and shows a lack of remorse towards the situation. The girl, someone he says he loves, is the opposite. Because of the manrs pressure, she is considering to not proceed with the abortion. The choice of the man is reason enough for her to understand that this is the life that the man chooses to proceed with a life of adventure, experience and excitement not one that involves starting a family and taking care of a child. As an expatriate, experiencing a life that is freeing and exciting is something that is expected, but through the story we can see that even if this life is something that the man wants and maybe it was something that the woman wanted at a certain point it is not that same now. In the text, we read: Thats the only thing that bothers us. Its the only thing thats made us unhappy. The girl looked at the bead curtain, put her hand out and took hold of two of the strings of beads. And you think then well be all right and be happy. I know we will. You dont have to be afraid. Ive known lots of people that have done it (Hemingway). In this excerpt, we see that the man still believes that through this procedure happiness will return. The idea that happiness will return is something that is frequent in the ideals of an expatriate, the belief that after devastation, there will always come happiness after the abortion, happiness will return. This can relate back to World War I and how many young soldiers found comfort in the aftermath and the beauty of Europe, while back in America, the country was bracing for the aftermath of many young Americans returning home. Throughout the short story of Hills Like White Elephants we are provided with little informational text aside from descriptive elements of setting and such. We are required to rely on our own understanding in order to decipher the subject and meaning of the story. Through the research, explanation and understanding of the trends of expatriates in Europe and what cause so many young people to decide on a life as an expatriate we can understand the story better. It seems to be one that shares with us the mentality of expatriates. Many focusing on the good life, the freedom and expressionistic ideals that are not present in America this plays a huge roll on the choices of many expatriates in Europe. In conclusion, a work like Hills Like White Elephants is one that evokes a sense of nostalgia and melancholy once we understand the trends and ideals of the subjects involved. The life of freedom, happiness, wealth, adventure and relaxation is a powerful pursuit and one that, once held, is something that is hard to let go of. With an understanding of life in the post-war 20th century, we are able to relate to a lifestyle that we have dreamt of one we have imagined to be just a fantasy but one that is not simply happiness and comfort. The depths achievable by man in pursuit of self-discovery and freedom may be deep but the heights that can come may be worth the turmoil and risk. This story explains that through less than enough words and we are the ones who need to unearth the true meaning of the work. Hemingway, Ernest. Hills Like White Elephants. The Norton Anthology of Short Fiction. Ed. R.V. Cassill. New York: Norton Company, 1995. 443-447. Bolton, Matthew J. An American in Paris: Hemingway and the Expatriate Life. Critical Insights: The Sun Also Rises, edited by Keith Newlin, Salem, 2010. Salem Online. Reynolds, Michael. Hemingway: The Paris Years. 1989. New York: W. W. Norton, 1999. Kennedy, J. Gerald.Imagining Paris: Exile, Writing, and American Identity. New Haven, CT: Yale UP, 1993.

America s War On Sex The Continuing Attack On Law,...

The book, â€Å"America’s war on sex: The continuing Attack on Law, Lust, and Liberty† by Marty Klein is a book that impacts on the sexual intellect of an individual. He is an American public policy analysts, author, educator, and sex therapist (Klein 6). Consequently, Klein is decisive of bowdlerization concerning the concepts of porn addiction, sex addiction, and anti-pornography movement. The book depicts how governments and religious right incorporates the regulation of information, health care, sexual expression, and entertainment to undermine the secular democracy of the society. According to Klein’s research, the today’s public policies are trying to resolve the wrong sexual predicaments. The policies ignore the genuine sexual issues that the American population is continuing to struggle with, which raises the demand for more suppressive approaches that does not work. The book’s target audience is the Americans and individual’s tasked with the formulation of the public policies. Klein presents a fast-paced and meticulous research that untangles the myths regarding aspects such as porn s actual effect to the society, the failure of the public policy, and the so-called activist judges (Klein 30). The paper provides my evidence regarding reading of the book, gives a thoughtful analysis and critique, besides the general evaluation of the book. The author’s primary assertions revolve on the following aspects, what must be done to stop the war on sexuality on an individualShow MoreRelatedWomen as Commodity8915 Words   |  36 Pagesmodern period have documented the value attached to daughters as a means by which to advance family name and social position. Although marriage formations differed widely according to social ranking, as B.J. Sokol and Mary Sokol note in Shakespeare, Law, and Marriage, â€Å"the convention among the gentry and aristocracy was for marriages to be arranged by families with a view to securing advantages or alliances, conforming to a patriarchal model.† Numerous early modern conduct manuals and sermons,Read MoreWomen as Commodity8899 Words   |  36 Pagesmodern period have documented the value attached to daughters as a means by which to advance family name and social position. Although marriage formations differed widely according to social ranking, as B.J. Sokol and Mary Sokol note in Shakespeare, Law, and Marriage, â€Å"the convention among the gentry and aristocracy was for marriages to be arranged by families with a view to securing advantages or alliances, conforming to a patriarchal model.† Numerous early modern conduct manuals and sermonsRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 PagesTiffany Ruby Patterson, Zora Neale Hurston and a History of Southern Life Lisa M. Fine, The Story of Reo Joe: Work, Kin, and Community in Autotown, U.S.A. Van Gosse and Richard Moser, eds., The World the Sixties Made: Politics and Culture in Recent America Joanne Meyerowitz, ed., History and September 11th John McMillian and Paul Buhle, eds., The New Left Revisited David M. Scobey, Empire City: The Making and Meaning of the New York City Landscape Gerda Lerner, Fireweed: A Political Autobiography Read MoreIgbo Dictionary129408 Words   |  518 Pagesspeech (occasionally this is carried over into English so that quarter /’kwÉ”:tÉ™/ is pronounced [’xwÉ”ta])9. 4. Alphabetization and arrangement The alphabetical order is as follows: a b ch d e f g gb gh gw h i á »â€¹ j k kp kw l m n nw ny Å‹ o á »  p r s sh t u á » ¥ w y z high tone (unmarked), step tone ( ¯), low tone (`). It will be observed that the order here is strictly alphabetical, in that dotted letters follow their undotted counterparts (e.g. á »â€¹ follows i) and double letters (digraphs) follow single

Analysing The Impact Of Leadership Governance †MyAssignmenthelp.com

Question: Discuss about the Critically Analysing The Impact Of Leadership Governance Management On Organsational Change. Answer: Introduction Due to the advent of globalisation and modernisation, the change in the organisation has become an important element to grab the market opportunity and market sustainability. The leadership and governance encompass the organisational policies, plan and strategic direction of organisational activities. This oversight on the organisational regulation and employee motivation also affects the business activities. Change in an organisation involves cultural, technological and procedural changes that required proper intervene for appropriate execution. However, in this particular essay, it will be identified whether leadership, management and governance affect the organisational change or not. In this particular essay, the perspective of management, governance and leadership will be discussed to understand its influences on the organisational change management. Finally, the required intervention process to gain organisational change sustainability will be evaluated to establish the thesis statement. Impact of management, corporate governance and leadership to achieve sustainable change within organisation Leadership is considered to an action in order to lead a group of people to attain the organisational objectives. Crevani et al. (2010, p.78) stated that the responsibility of a leader within an organisation is to influences the behaviours of other employees by improving their perspectives. This influence also contributes in motivating employees for gaining the productivity. Leaders ensure guidance for the employees to develop organisational morale. In order to discuss the role of leader in organisational activities at first required to develop a clear vision for the leaders. As argued by Chaudhry and Javed (2012, p.7) is the leaders do not possess a clear vision of organisational objection they will not be able to communicate the objectives to the team to ensure the success of organisation's goals. Another responsibility that a leader holds is employee motivation by ensuring working relationship and work culture. As argued by Crevani et al. (2010, p.79) an organisation cannot acquir e performance enhancement, it the employees is not motivated. The success of organisation largely depends on the productivity of the employees. For performing own job role or responsibilities, employees require guidance from leader which needs to be positive and optimistic enough. The leaders based on the organisational structure undertake leadership style that influences the leadership approach. According to Lewins leadership style, leaders mainly undertake the leadership style of autocratic, democratic and laissez-faire leadership style. By implementing the autocratic leadership style the ensure no-participation of team members in the decision-making process which leads to the sense of absenteeism and huge employee turnover. Chaudhry and Javed (2012, p.5) observed that on the other hand, democratic leadership style consider the involvement of employees in the decision-making process which may hinder the quick decision-making process. Instead of delivering full freedom to the employees in laissez-faire leadership style, it may lead to mal-function time management by the team members. As argued that laissez-faire leadership style also deliver job satisfaction for the employees and contributes to improving their productivity. Corporate governance encompasses through the policies, practices and rules according to which the organisational activities are being governed. Foss et al. (2010, p.456) stated that with the help of corporate governance, the organisation tries to consider the interest of the stakeholder, which includes the suppliers, shareholders, customers, government, management, community and financiers. It also attains the framework to achieve the objectives and goals corporate governance is associated with every activity of the management of the organisation, which includes the business action plan and organisational internal policy. Governance contributes in the change management philosophy as change defines how the change will be incorporated and who will be affected by this. Ebrahim et al. (2014, p.82) pointed out that this helps to measures the performance of the organisation and contributes in corporate disclosure. Positive and negative corporate governance can understand the impact of corp orate governance on the managerial actions of an organisation. As argued by Richey et al. (2010, p.238) negative corporate governance delivers uncertainty in organisations reliability. However, it can be counter argued that positive corporate governance implies proper implementation of company rules and regulation that is able to deliver organisational reliability. Management is considered an exercise, which is mainly unstructured that entirely, contributes to the performance of the organisation. Within an organisation, an efficient manager holds the responsibility to implement every function to increase the ability of the employees by attaining organisational goals. It can be argued that only an efficient manager can ensure the success of a business organisation and gain competitive advantage. The major responsibilities of a manager are planning and organising the business activities, which can be resource allocation or time management. For ensuring the organisational goals, management can adhere to the directive managerial style that helps a manager to establish the organisational vision among the employees without being a dictator. According to supportive management style, a manager tends to be empathetic towards the employees which job satisfaction, however, can also lead malfunction of time management. To understand every stage of organisa tional activities, a manager can adapt with participative management style. As counter argued by Trkman (2010, p.126) this can obstruct the management of other departmental activities. The achievement oriented management style ensures less productivity among the employees. Leadership, governance and management are the elements, which are, correlated as a change in one element thoroughly effects on other elements. As argued by Myers (2013, p.7) these three factors have contributed to the organisational change in different aspects. As change is a team that is thoroughly associated with organisation improvement, to increase the market opportunity and gain competitive m advantage it is required to incorporate a change in organisational culture and business planning. The main reason for which the management undertake the decision of change is to continue with the ever-changing and emerging world market and technology. If an organisation does not acquire, the business activities become monotonous which also hinders the productivity. As opined by Bryman and Bell (2015, p.4) other aspects for which management prefers change with organizational performance is to mitigate the gap between customer requirements and final out. As the requirements of the customer ar e ever changing, it also requires continuous change and improvement in the results or output. Galliers and Leidner (2014, p.3) said that the process of implementing change can be identified through Kurt Lewins Model of change management where the employees are being informed to be ready for change (Unfreeze)and then execute the proposed change (Change) and finally change become permanent (Refreeze). An organisation decides to bring change in the decision-making process by neglecting team members participation. For introducing a new group for the decision-making process, it will be required to follow the Kurt Lewins change management stages. The leaders participate in change management by playing the role of a sponsor who will not let the activities and objectives of change management stop performing. Leaders continuously keep the spirit of acceptance of change among the team members. As counter argued by Chang (2016, p.4) the leaders not only be promote change however also be a role model for other team members by accepting change first. As the company has decided to eliminate the team members from decision-making process by appointing new representatives for them, the leaders have to communicate the process of change and mainly the objective of change to reduce the chances of employee resistance. As this change can develop a sense of absenteeism among the team members, the lead er has to contribute to the employee motivation and employee engagement in change management process. Peppard and Ward (2016, p.6) stated that the leaders need to hold the accountability or the responsibility of the team members participation in the change management process to gain the motive or goal of organisational change. Change management is mainly the approach where teams, individual and entire organisation become transition for ensuring a new organisational activities or existence, however, on the other hand, corporate governance refers to the practices and rules, which controls and directs the change implementation process. As stated by Donate and Pablo (2015, p.361) change management brings a resistance among the employees due to the lack of acceptance. This develops elimination of organisational alignment or mutual efforts in performing business activities. The organisation's decision of adopting a change in the decision-making process, which may not be, agreed all the employees. The management can incorporate change however, it will be difficult to maintain the changes in the organisational objectives and goals align. Birasnav (2014, p.1623) pointed out that to address this particular problem, the organisation can undertake assistance of corporate governance. DInnocenzo et al. (2016, p.1965) argued that on the other hand, corporate governance contributes in answering what is changing and why it is being implemented. As the organisation wants to bring change in the decision-making process by appointing a new group decision maker as representatives of team members, the board of directors of the organisation has to ensure effective cultural change, proper procedure of change implementation without avoiding company's main objectives or value. The managers can undertake consultancy with board members to reduce the chances of employee resistance. In the case of managers, to incorporate change management within the organisation, the managers have to undertake a change in individual self and then change among employees. Wang et al. (2014, p.182) counter argued that to ensure individual change a manager has understood the role of the manager in that particular change and then adapting the changes to understand its impact on individual self. Finally, the manager needs to identify the possible approaches to tackle the changes. Yarbrough and Yarbrough (2014, p.5) argued that the manager has to inform the employees regarding the managerial decision of eliminating team members from the decision-making process. After that, the manager will need to manage employees resistance by applying corporate governance and finally reinforce the change process to make it sustainable. Leader and managers have to work aligning with corporate governance to implement successful change process within the organisation. In order to make the organisational changes sustainable, the board of directors and managers have to make interventions in the change management process properly. Mller et al. (2014, p.1309) stated that to understand intervene process Kurt Lewins Model can be applied. In the stage of unfreezing, the leaders and managers have taken the responsibility to inform the employees regarding the changes. At first, the manager has to announce that a new group decision maker will be appointed to making effective and advanced decisions. The decision-making group will be mainly the representative of the views of team members. As argued by Filatotchev and Nakajima (2014, p.290) the leaders will have to perform the role of making the team members understand why the change is being implemented. The skilled decision maker will have more market knowledge and will be able to make a quick decision. However, this is not making the staff neglected by giving opportunity to perform their job properly. In th e unfreeze stage the responsibility of the managers and the leaders to advise the team members to get ready for experiencing changes. According to the model, the next stage changes require the assistance of corporate governance. Too and Weaver (2014, p.1383) counter argued that to execute the change the board of directors have to develop new rules and policies, which the staff members have to follow. Corporate governance helps to ensure that the implementation of change management is being done through a proper process. Cheng et al. (2014, p.178) stated that the corporate governance can lead develops a systematic approach to change management within the organisational culture. On the other hand, change intervene requires employee motivation. The company can motivate the employees by performance recognition through a reward system. The final stage of Kurt Lewins model is refrozen in which the board members of the organisation make the implemented change permanent. For making sure that the change is permanent, a continuous monitoring process has to be implemented. The HR department of the company will have to monitor and needs to eliminate the hindrances in the way change management to acquire business objectives successfully. Conclusion In this essay, the impact of management, governance and leadership has been presented. The leadership and management are the key components of managing organisational activities. The importance of systematic approach in organisational activities has identified here. To receive proper change management the employees need to get aware of change by managers and leaders. This has ensured the importance of communication between leaders or manager with team members. It has found that if the leader fails to become a role model for the team members to make them understand the importance of change then the organisation will not be able to acquire continuous success. Even the management also need to receive an individual change to understand required competencies to manage change. On the other hand, corporate governance needs align with change management for systemic delivery change management. Thus, it can be stated that corporate governance, management and leadership has a thorough influence on the sustainable change of an organisation, which helps the company achieve organisational objectives and competitive advantage. References Birasnav, M., (2014). Knowledge management and organizational performance in the service industry: The role of transformational leadership beyond the effects of transactional leadership.Journal of Business Research,67(8), pp.1622-1629. Bryman, A. and Bell, E., (2015).Business research methods. Oxford: Oxford University Press. Chang, J.F., (2016).Business process management systems: strategy and implementation. Florida: CRC Press. Chaudhry, A.Q. and Javed, H., (2012). Impact of transactional and laissez faire leadership style on motivation.International Journal of Business and Social Science,3(7), p.p.1-10. Cheng, J.H., Chen, M.C. and Huang, C.M., (2014). Assessing inter-organizational innovation performance through relational governance and dynamic capabilities in supply chains.Supply chain management: an international journal,19(2), pp.173-186. Crevani, L., Lindgren, M. and Packendorff, J., (2010). Leadership, not leaders: On the study of leadership as practices and interactions.Scandinavian Journal of Management,26(1), pp.77-86. DInnocenzo, L., Mathieu, J.E. and Kukenberger, M.R., (2016). A meta-analysis of different forms of shared leadershipteam performance relations.Journal of Management,42(7), pp.1964-1991. Donate, M.J. and de Pablo, J.D.S., (2015). The role of knowledge-oriented leadership in knowledge management practices and innovation.Journal of Business Research,68(2), pp.360-370. Ebrahim, A., Battilana, J. and Mair, J., (2014). The governance of social enterprises: Mission drift and accountability challenges in hybrid organizations.Research in Organizational Behavior,34, pp.81-100. Filatotchev, I. and Nakajima, C., (2014). Corporate governance, responsible managerial behavior, and corporate social responsibility: organizational efficiency versus organizational legitimacy?.The Academy of Management Perspectives,28(3), pp.289-306. Foss, N.J., Husted, K. and Michailova, S., (2010). Governing knowledge sharing in organizations: Levels of analysis, governance mechanisms, and research directions.Journal of Management studies,47(3), pp.455-482. Galliers, R.D. and Leidner, D.E. eds., (2014).Strategic information management: challenges and strategies in managing information systems. Abingdon: Routledge. Mller, R., Pemsel, S. and Shao, J., (2014). Organizational enablers for governance and governmentality of projects: A literature review.International Journal of Project Management,32(8), pp.1309-1320. Myers, M.D., (2013).Qualitative research in business and management. London: Sage. Peppard, J. and Ward, J., (2016).The strategic management of information systems: Building a digital strategy. New Jersey: John Wiley Sons. Richey, R.G., Roath, A.S., Whipple, J.M. and Fawcett, S.E., (2010). Exploring a governance theory of supply chain management: barriers and facilitators to integration.Journal of Business Logistics,31(1), pp.237-256. Too, E.G. and Weaver, P., (2014). The management of project management: A conceptual framework for project governance.International Journal of Project Management,32(8), pp.1382-1394. Trkman, P., (2010). The critical success factors of business process management.International journal of information management,30(2), pp.125-134. Wang, D., Waldman, D.A. and Zhang, Z., (2014). A meta-analysis of shared leadership and team effectiveness.The Journal of applied psychology,99(2), pp.181-198. Yarbrough, B.V. and Yarbrough, R.M., (2014).Cooperation and governance in international trade: The strategic organizational approach. Princeton University Press, pp.1-98.

The World Of Computer Technology Is Continuously Advancing Each And Ev

The world of computer technology is continuously advancing each and every day. We look back at what we had 5 years ago and are amazed to see how far we have come in such a short time. To know what to expect in the upcoming years is impossible, for technology is at such a constant increase. Computer technology is a wonderful tool and can benefit many people if you are willing to accept it. One of the advancements on the rise is Smart Houses. A Smart House is a house that is controlled by computers with artificial intelligence. Many people are choosing to turn their houses into smart ones in order to create a safer and more technological environment. Throughout my report, I will discuss some features that I would include in my own smart house, such as safety and convenience. I think the most common reason that my house will be a smart house is for safety purposes. Not only does it give a peace of mind to know that my house is protected at all times, but it gives protection in times of danger. Brink's Home Security provides several packages which you can accustom to your price range and allows you to pick the package which is right for your home. The standardized system is controlled by a digital keypad, which allows you to type in a 3-digit number that enables the system. It also features three panic buttons that directly contact the police department, the fire department, and the hospital in one quick touch of a button. This package comes with 2 door and window sensors that set the alarm off if they are opened while the system is armed. It also comes with a motion detector that detects heat and body movements. If any of these features are triggered, a siren will sound which makes your family and the intruder aware that the Brink's monitoring center are being notified. Some extra features are a glass break protector, smoke & heat detectors, and carbon monoxide detectors. The system also provides a keyless keyfob that allows you to enable or disable the system with a touch of a quick button. As you can see, the Brink's Home Security provides a thorough package of home safety features. Not only is it reliable, but also gives a secure way to keep your house safely protected. Other systems, such as the FireCracker Kit from X10.com , provide you with an affordable and easy system. It allows you to control all the systems in your house based from your computer. You can make your coffeepot start brewing or your turning off your lamp simply by the click of a mouse. Control all the lights in your house with your PC or with a remote. One touch of a button and your lights will be on, your heater turned up, and your bath tub already starting to get filled. How much better can it get? I would also have a Robo-dog in my Smart House. This is a robotic dog, which features a motion sensor that puts the dog into a barking frenzy when it is set off. This not only scares the intruder, but it also notifies me that there is something wrong. The Robo-dog provides the benefits of a good guard dog without the inconvenience of attending to a pet. It would be placed near the door so if an intruder breaks in, then my guard dog will stop him in his tracks. There are many simple and affordable ways to keep your house, and mine, secure. Another common reason for a Smart House is convenience. Imagine being able to control the temperature of your house or turning on your lights with one simple phone call. X10 provides just that . The touch-tone controller activates lights, reboots PC's and sets air for heating or air conditioning with a quick touch of a button. I can access this via any touch-tone phone or from the manual control keypad placed in my house. This gives the convenience of coming home to a warm, well-light house without having to go through the hassle of putting wood in the wood-stove or waiting for the heater to heat up the house. A

Knowledge Work and Organization

Knowledge Work and Organization Introduction Many organizations in different sectors are using community of practice and innovation to improve on their productivity. Community of practice and innovation are interrelated in some ways. This study seeks to identify their similarities, differences and the effects each have on the organization. The last part explains the challenges that firms that participate in social networks face.Advertising We will write a custom essay sample on Knowledge Work and Organization specifically for you for only $16.05 $11/page Learn More Communities of Practice From the community’s point of view, communities of practice are groups of people who come together to meet a common goal. In the business perspective, it is a group of self-motivated people who follow laid out procedures and are challenged to train the persons working with them in order to improve their productivity (Wenger 2000, p.45). These communities of practice are responsible for the smooth r unning of the organization. Therefore, they are accountable using their knowledge and skills, are included in the planning of the budget of the organization, and provide the time schedule for the activities carried out in the organization. They have artifacts which are documents, websites and stories and the appointed member maintain them since they are useful in the organization (Kortum Lerner 2000, p.680). According to Fageberg, Mowery and Nelson (2005, p.362), the communities of practice combine three elements in defining competence. They are brought together by understanding the values of their community and every member is accountable to sustain the relationship between them. For a person to be competent in the community of practice, he/she has to be a trusted member and to engage in the activities of the community (Kortum Lerner 2000, p.688). The success of every group depends on the competence and the ability of the leader to engage the whole group in the process of meeting their goal. During the establishment of the community of practice, members should put in mind what will be bringing them together like the events, who will be leading the group, the projects, connectivity and membership. Unlike closed innovation, any person within or outside the organization can be involved in performing duties that will lead to the success of the organization (Robertson, Paul Langlois 1995, p.560). Innovation Innovation involves bringing valuable ideas into the firm. There are different types of innovation, the closed and open innovation. Open innovation is when those ideas come from inside or outside the firm and are meant to benefit the organization as a whole. Most of the people who create these ideas are from outside the firm and sometimes they are hired to educate employees in the organization on how to implement the ideas. Innovation in this case is the methods that organizations choose to use in response to the challenges in the business environment. They involve changing of the traditional practices of the organization to new practices with an aim of improving the productivity of the whole organization.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Innovation includes the introduction of machines and technology that in return requires trained personnel who are ready to apply their knowledge with the help of technology to achieve the objective of the firm (Trott Hartmann 2009, p.720). Open innovation principles states that the external research and development creates more value than the closed innovation. The organizations that use closed innovation believe that they have enough skills required to perform a particular task so they do not require help from outside the company. They believe that if they discover things for themselves, they will be the first to venture into the market. These companies are so self-centered and do n ot allow others to benefit from their ideas. This is totally contrary to what open innovators perceive (Dasgupta 2003, p.320). Innovation involves generation of ideas that are essential for an organization to maintain its position in the market. Therefore, it differs from the community of practice in that the community of practice follows the ideas that the innovators have already generated in operating the organization and maintaining their relationship. Innovation involves education, technology and training in the organization (Chesbrough 2006, p.111). The employees are trained on the use of new technologies in their practices to become competent and add productivity. Community of practice uses the ideas to meet the goals and objectives of the whole organization. Therefore, the community of practice requires innovation in their daily work. However, both innovation and community of practice involve learning and training in the performance (Francis 2000, p.34). Social capital is the ability to find, combine and utilize knowledge and skills of employees within and outside the organization. Just like open innovation, social capital involves employees from outside the individual organization. Social capital encompasses the information flows, exchange of knowledge, community of practice and all other connected networks that bring together stakeholders in an organization. These stakeholders include suppliers, regulators, employees, customers and partners that are all interested in different aspects of the organization. The social capital and community of services are interconnected since both involve innovative practices. The social capital is obtained from employee business networks and the profession.Advertising We will write a custom essay sample on Knowledge Work and Organization specifically for you for only $16.05 $11/page Learn More An organization that is able to apply the social capital is always more productive that the one that has no social capital. Innovation is an essential aspect for the productivity of the firm. â€Å"Social capital provides benefits to both the individual and the group as a whole† (Burt Ronald 1992, p.45). Differences between open innovation and communities of practice Communities of practice are groups of people in organizations who converge, share ideas about performing a duty or meeting a goal and learns how to the duty better to get the best practices. Open innovation on the other hand involves identifying and bringing together internal and external resources and ideas to expand on their innovation strategy with an aim of maintaining the firm’s market position on getting new opportunities (Amina Roberts 2008, p. 359) Open innovation is a cognitive model researching, creating and interpreting innovation practices while the communities of practice are not a cognitive model. Communities are not restricted by the organization’s structure, they involve people a cross the geographical and organizational limits while the open innovation is limited by the structure of the organization and must follow the hierarchy. Similarities of the communities of practice and the open innovation The community of practice must use the technology while still sharing their ideas and learning more about those ideas. Similarly, open innovation involves the use technological practices to bring new ideas in an organization (Amina Roberts 2008, p. 354). Both communities of practice and open innovation involve a group of individuals in an organization and are aimed at improving the performance of the firm (Hardcastle 2011, p.52). The members of both communities of practice and the innovation group are from different professions and are not restricted to one organization but involve internal and external knowledge in the improvement of the firms performance. Communities of practice and open innovation involve the process of learning searching for information ab out how they can create new markets or future opportunities for the organization. Challenges Faced by the Organizations’ Social Networks As discussed earlier, the community of practice, the social capital and the practice-based networks depend so much on innovation. Innovation depends so much on the technology which most of the employees fear since they think that they will lose their jobs. The community of practice may come up with ideas that can cost the organization a lot of money and resources that the organization may not afford. The organization can be forced to borrow or hire the resources, which affect the budget and affect the productivity of the organization. The social groups in the organization require frequent training, which can also be costly to the organization (Francis 2000, p.40). Through innovation, the leaders in the organization may be over possessed with competition giving much pressure to the other employees and reduces their productivity. According to Chesbrough and Melissa (2007, p. 69), the community of practice in many cases asks for higher pay than the others since they have more responsibilities of changing the old practice of the organization to new improved processes. This is a major challenge for the organization. People perceive ideas differently therefore, for an organization to benefit fully from the community of practice and the social capital, the members involved must understand each other’s behavior. This will help them accommodate each other. The organization is responsible for the education and leadership of this individual in understanding each other and enhancing their knowledge (Chesbrough Melissa 2007, p.62). Conclusion Changes in technology around the world have improved the performance of organizations. Firms traditionally used the closed innovation in their research and development but today they have changed to open innovation. Communities of practice are also used in all organizations in all sec tors to develop ideas on increasing the productivity of the firm. However, companies are faced with so many challenges in the process of promoting their social groups. This is because the decision making process is slowed by a number of people whose perspective is different from policy makers but trust, negotiation and consultations bring the ideas together.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More List of References Amina, A and Roberts, J 2008, Knowing in action: Beyond communities of practice, Elsevier B.V, vol , 37, pp, 353–369. Burt, Ronald, S 1992, Structural holes: The social structure of competition, Harvard University Press, London. Chesbrough, H and Melissa M, 2007, Open innovation and strategy appleyard, California Management Review, vol.50, no.1, pp.57-76. Chesbrough, W 2006, Open innovation: the new imperative for creating and profiting from technology, Harvard Business Press, New York. Dasgupta, P 2003, Social capital and economic performance: Analytics, in foundations of social capital, Critical Studies In Economic Institutions, vol.2, no.1, pp.309–39. Fageberg, J, Mowery, D Nelson, R 2005, Oxford handbook of innovation, Oxford University Press, Oxford. Francis, F 2000, The great disruption: Human nature and the reconstruction of social order, Simon and Schuster, New York. Hardcastle, D 2011, Community practice: Theories and skills for social work ers, Oxford University Press, Oxford, Kortum, S and Lerner, J 2000, Assessing the contribution of venture capital to innovation, Journal of Economics, vol.31, no.2, pp.674–692. Robertson, Paul L. and Langlois, R 1995, Innovation, Networks, and Integration, Research Policy, vol. 24, pp.543-562. Trott, P and Hartmann, D 2009, Why Open Innovation is old wine in new bottles, International Journal of Innovation Management, vol.13, no.2, pp.715–736. Wenger, E 2000, Communities of practice and social learning systems, Sage, New York.

Listing Standards of SME stock exchanges

Listing Standards of SME stock exchanges Free Online Research Papers Listing standards of SME stock exchanges The document covers the importance of SME exchanges and discussed the listing standards of some of the famous SME stock exchanges across the world and the future of such exchanges in India Niroop G J PGP/11/097 Contents INTRODUCTION 3 Small and medium enterprise (SME) exchanges 3 AIM London 4 Highlights: 4 Key Criteria for listing 5 Mothers Exchange 6 Listing Criteria 6 Liquidity 6 Growth Enterprise Market – GEM 8 GEM Listing Requirements 8 (I) Financial Requirements: 8 (II) Acceptable Jurisdictions: 8 (III) Accounting Standards: 8 (IV) Suitability for Listing: 9 (V) Operating History and Management: 9 (VI) Minimum Market Capitalisation: 9 (VII) Market Capitalisation of Public Float: 9 (VIII) Public Float: 9 (IX) Spread of Shareholders: 10 (X) Offering Mechanism: 10 (XI) New Issue Price: 10 Listing Process for a listing application 11 JSE Alternative Exchange (AltX) 12 Expected Benefits 12 For companies: 12 For investors: 13 For the South African economy: 13 Extraordinary Support 13 Designated Advisers 13 Listing Requirements 15 Market for Alternative Investment MAI 16 Criteria for listing on MAI 16 NYSE ALTERNEXT 17 MARKET PARTICIPANTS 17 LIQUIDITY PROVIDERS 17 Role of LPs 17 New LP profiles 19 MARKET MAKERS 19 LISTING SPONSORS 21 OBLIGATIONS 21 Conditions for becoming a listing sponsor 22 KOSDAQ 23 Mixed Results 25 1. Good performance 25 2. Bad performance 27 Growth of KOSDAQ 29 LISTING STANDARDS 30 TSX Venture exchange Canada 31 The steps to list on TSX Venture Exchange 31 Filing a prospectus is a five-step process: 32 Listing Requirement 32 Listing Fees 33 Four different methods at TSX Venture Exchange 33 Direct Listing 33 IPO 33 Reverse Take-Over 33 TSX Venture Capital Pool Company Program (CPC) 34 SME Exchange in India 35 REFERENCES 35 INTRODUCTION Small and medium enterprise (SME) exchanges The objective of SME exchanges is to provide a way for smaller companies to raise capital. These companies, due to their smaller sizes, cannot raise capital from larger exchanges. The companies which would want to raise money from SME exchanges would generally range from young, venture capital-backed start-ups to well-established, mature organisations looking to expand. These small and mid-sized firms usually cannot meet the stringent requirements that are necessary for listing on bigger exchanges. SME exchanges are designed specifically for these companies. These exchanges provide a way for the small companies to get listed, and also provide an alternative investment option for the investors, who can buy the equity of smaller businesses. There are numerous reasons why small company would want to get itself listed on an SME exchange. The reasons are essentially the similar to why any company would want to go public. But, the priorities in case of the small firms are different. For example, listing on an exchange creates a heightened public profile of a small company. This is very important for most small companies getting listed on SME exchange, but not as important for a well-established company getting listed on a major exchange. Some of the reasons why a small company wants to get itself listed on an SME exchange include: To provide access to capital for growth To create a market for the company’s shares To place an objective market value on Company’s business To encourage employee commitment by making share schemes more attractive To increase the company’s ability to make acquisitions using quoted shares as currency To create a heightened public profile To enhance status with customers and suppliers There are many SME exchanges around the world. Presently, we do not have such an exchange in India. Examples of some of the popular SME exchanges around the world are – AIM London NYSE Alternext JSE Alternative Exchange South Africa Market for Alternative Investment (MAI) Thailand TSX Venture exchange Canada Mothers (Market of the high-growth and emerging stocks) Japan Gems- Hong Kong KSODAQ Korea AIM London The London Stock Exchange created AIM with the objective to offer smaller companies from any country and any industry sector ? the chance to raise capital on a market with a pragmatic and appropriate approach to regulation. AIM is designed to be a highly flexible public market offering many unique attributes both for companies and investors. Companies do not need a particular financial track record or trading history for getting listed on AIM. There is also no minimum requirement in terms of size or number of shareholders. This more flexible approach reflects the fact that AIM was designed specifically for smaller growing companies, and has helped AIM to become the leading global growth market. Highlights: No minimum size of company No minimum proportion of shares to be in public hands No trading record requirement No prior shareholder approval for the majority of transactions No restrictions on the transferability of the companys shares* No requirement to be incorporated in the United Kingdom Key Criteria for listing 1. An applicant must appoint a nominated adviser and an AIM company must retain a nominated adviser at all times. 2. An applicant must produce an admission document and other supporting documents in specified formats. 3. Where an applicant’s main activity is a business which has not been independent and earning revenue for at least two years, it must ensure that all related parties and applicable employees as at the date of admission agree not to dispose of any interest in its securities for one year from the admission of its securities. 4. Where the applicant is an investing company, a condition of its admission is that it raises a minimum of  £3 million in cash via an equity fundraising on, or immediately before admission. 5. Disclosure of developments that are not public knowledge but likely to cause substantial prize movements. 6. Disclosure of corporate transactions 7. Disclosure of half-yearly financial statements 8. Annual reports 9. Disclosure of other miscellaneous information. Mothers Exchange Mothers (Market of the high-growth and emerging stocks) was established by the Tokyo Stock Exchange on November 11, 1999. The exchange was set up in order to provide venture companies access to funds at an early stage of their development and to provide investors with more diversified investment products. Listing Criteria Liquidity 1. Applicant should make, at the time of listing, public offering of minimum 1,000 trading units of newly issued shares, or a public offering of minimum 1,000 trading units of newly issued shares and previously issued shares, of which minimum 500 trading units should be of newly issued shares. 2. Applicant should secure minimum 300 new shareholders by the initial public offering at the time of listing. 3. A market capitalization of at least JPY 1 billion at the time of listing. 4. Turnover, for the business should be recorded by the day prior to the listing application date. This is because if the business is still being planned or going through a feasibility assessment stage and yet to generate any significant revenue, it is not considered eligible for listing. 5. Financial Statements 6. Applicant is to have contracted, or has agreed to contract, with one of shareholder service agents by the time of application. 7. There should be no restrictions on transfer of stocks. 8. Applicant has agreed, or is to have agreed, to deposit their securities into a central securities depository, Japan Securities Depository Center, Inc. 9. Applicant should be able to disclose their business results appropriately and timely on quarterly basis. ? Figure below compares the listing criteria of Mothers with other sections of the Tokyo Stock exchange. ? Growth Enterprise Market – GEM GEM is an alternative stock market operated by Hong Kong Exchanges and Clearing Limited. It caters to the growth enterprises particularly those emerging ones, i.e. enterprises that have good business ideas and growth potential. Gem offers growth enterprises an avenue to raise capital. It offers investors an alternative of investing in high growth, high risk businesses and provides a fund raising venue and a strong identity to foster the development of technology industries in Hong Kong and the region. Gem promotes the development of venture capital investments. GEM Listing Requirements The following shows some of the basic requirements for listing equity securities on the Exchange. (I) Financial Requirements: A GEM new applicant must have a trading record of at least two financial years comprising: A positive cashflow generated from operating activities in the ordinary and usual course of business of at least HK$20 million in aggregate for the two financial years immediately preceding the issue of the listing document. Market cap of at least HK$100 million at the time of listing. (II) Acceptable Jurisdictions: Chapter 24 of the GEM Listing Rules provide the general framework applicable to all overseas companies seeking a listing on the Exchange. GEM Rule 24.05(1)(b) and the explanatory notes thereto set out the shareholder protection standards that are expected of an overseas company when seeking a primary listing on the Exchange. Applicants incorporated outside Hong Kong and other recognised jurisdictions seeking a primary listing on GEM are assessed on a case-by-case basis and have to demonstrate they are subject to appropriate standards of shareholder protection, which are at least equivalent to those required under Hong Kong law. (III) Accounting Standards: A new applicants accounts must be prepared in accordance with either Hong Kong Financial Reporting Standards or International Financial Reporting Standards. Banking companies must also comply with the Financial Disclosure by Locally Incorporated Authorised Institutions issued by the Hong Kong Monetary Authority. Accounts prepared in accordance with US GAAP are acceptable if the company is listed, or will be simultaneously listed, on either the New York Stock Exchange or the NASDAQ National Market (IV) Suitability for Listing: Both the issuer and its business must, in the opinion of the Exchange, be suitable for listing. An issuer or its group (other than an investment company) whose assets consist wholly or substantially of cash or short-dated securities will not normally be regarded as suitable for listing, except where the issuer or group is solely or mainly engaged in the securities brokerage business. (V) Operating History and Management: A GEM new applicant must have a trading record of at least 2 full financial years with: Substantially the same management throughout the 2 full financial years. Continuity of ownership and control throughout the full financial year immediately preceding the issue of the listing document. Exception: The Exchange may accept a shorter trading record period and waive or vary the ownership and management requirements for newly-formed project companies and natural resources exploitation companies, supported by reasons acceptable to the Exchange. (VI) Minimum Market Capitalisation: The expected market capitalisation of a new applicant at the time of listing must be at least HK$100 million. (VII) Market Capitalisation of Public Float: The expected market capitalisation at the time of listing of the securities of a new applicant which are held by the public must be at least HK$30 million. (VIII) Public Float: At least 25% of the issuers total issued share capital must at all times be held by the public. Where the issuer has one class of securities or more, the total securities of the issuer held by the public at the time of listing must be at least 25% of the issuers total issued share capital. However, the class of securities for which listing is sought must not be less that 15% of the issuers total issued share capital, having an expected market capitalisation at the time of listing of not less than HK$30 million. The Exchange may, at its discretion, accept a lower percentage of between 15% and 25% in the case of issuers with an expected market capitalisation at the time of listing of over HK$10 billion. (IX) Spread of Shareholders: The equity securities in the hands of the public should be held among at least 100 persons. Not more than 50% of the securities in public hands at the time of listing can be beneficially owned by the three largest public shareholders. (X) Offering Mechanism: A new applicant is free to decide on its offering mechanism and may list on our Exchange by way of placing only. (XI) New Issue Price: GEM Listing Rules do not impose conditions on the new issue price. However, new shares cannot be issued at a price below their nominal value. Monetary Value of Equity Securities to be Listed (HK$ million) Initial Listing Fee (HK$) Not exceeding: 100 100,000 100 to1,000 150,000 Over1,000 200,000 Listing Process for a listing application (H stands for the provisional hearing date by the Listing Division) Clear Business Days(Note 1) GEM Requirements H 25 Application for advance booking to the Exchange ? Submit the advance booking form (Appendix 5A to the GEM Listing Rules) with a timetable ? Pay the full amount of the initial listing fee ? Submit the documentary requirements under GEM Listing Rules 12.14, 12.17, 12.22 and 12.23. H Approval/ Rejection : Hearing prior to 1 July 2008 by Listing Committee Hearing date after 1 July 2008 by Listing Division Rejection Discretionary appeal to GEM Listing Committee Approval ? After notification of approval in principle but before the date of issue of the listing document, lodgement of documents with the Exchange pursuant to GEM Listing Rule 12.24 Issue of prospectus ? By no later than 11 a.m. on the intended day of authorisation of the prospectus, lodgement of documents with the Exchange pursuant to GEM Listing Rule 12.25 ? After the issue of the prospectus but before dealings commence, lodgement of documents to the Exchange pursuant to GEM Listing Rules 12.26 and 12.27 Dealings in shares commences JSE Alternative Exchange (AltX) The Alternative Exchange (AltX), a division of the JSE Limited (JSE) is the exciting parallel market focused on good quality small and medium sized high growth companies. The JSE Ltd (â€Å"JSE†) is licensed as an exchange under the Securities Services Act, 2004 and Africa’s premier exchange. It has operated as a market place for the trading of financial products for nearly 120 years. In this time, the JSE has evolved from a traditional floor based equities trading market to a modern securities exchange providing fully electronic trading, clearing and settlement in equities, financial and agricultural derivatives and other associated instruments and has extensive surveillance capabilities. The JSE is also a major provider of financial information. In everything it does, the JSE strives to be a responsible corporate citizen. AltX is designed to appeal to a diverse range of companies in all sectors including: Young and fast-growing businesses including start-ups; Family-owned businesses; Black economic empowerment companies; and Junior mining companies. AltX plays a vital role within the JSE, by providing smaller companies not yet able to list on the JSE Main Board with a clear growth path and access to capital. To be eligible for listing, a company must appoint and retain the services of a registered Designated Adviser. Expected Benefits For companies: Access to long-term investment capital for development of the business; Access to a central trading facility thereby providing liquidity; The ability to realise value through an effective price discovery mechanism; Improved image amongst suppliers, customers, staff and other stakeholders due to the prestige associated with being a listed entity; and The opportunity to use the issue of shares as consideration for an acquisition. For investors: The opportunity to diversify share portfolios by investing in a wide range of high-growth small and medium sized companies; and Increased confidence due to the knowledge that AltX is regulated by the JSE, which provides substantial investor protection. For the South African economy: Grows the economy by providing growth opportunities to small and medium sized companies; and Promotes black economic empowerment in South Africa. Extraordinary Support The AltX Team is committed to the success of the market and strives to provide extraordinary support to all stakeholders. In order to achieve the objectives of exceptional communication, ongoing education, marketing and relationship management with companies, Designated Advisers and the investment community, AltX has created the Knowledge Exchange. Knowledge Exchange initiatives include the partnership between AltX and the Department of Trade and Industry (the dti). The dti supports AltX in the belief that it will help promote black economic empowerment and encourage entrepreneurs in South Africa. Another Knowledge Exchange initiative is the AltX collaboration with the Wits Business School (WBS) and the Institute of Directors (IoD) to provide the Directors Induction Programme (DIP). DIP is a compulsory education programme for all executive and non-executive directors of AltX companies. Designated Advisers The main role of a Designated Adviser is to competently, professionally and impartially advise the applicant company on all its responsibilities during the application process and its responsibilities to maintain its status once listed. The Designated Adviser is the guardian of the listed company’s compliance with the JSE Listings Requirements and other applicable regulation as defined. The Designated Adviser must ensure that: the company complies fully with the applicable JSE and Altx Listings requirements; all relevant documentation required by the Listings Requirements has been submitted; each company brought to the JSE by the DA is suitable for listing; each pre-listing statement is compliant with the Listings Requirements and has been completed accurately and fully, without omissions and/or without misleading or false information; all directors of each company have the necessary expertise and experience, understand the nature of their responsibilities under the Listings Requirements, the Companies Act, the SRP Code and GAAP, are aware of the expectation to prepare and publish all information necessary and that Directors’ declarations need confirmation and verification; all new appointees to the board of directors of the company are fully briefed as to the nature of their responsibilities; all directors complete the Directors Induction Programme within 2 months of their appointment (if newly appointed) or upon confirmation of acceptance on Altx; the directors of each company are timeously informed of any amendment to the Listings Requirements or other regulations; all periodical financial information announcements are reviewed with the directors prior to publication to check accuracy and full disclosure; regular reviews are held of the company’s actual trading performance and financial condition to ensure appropriate disclosure of information to investors; at least one of the DAs attends all company board meetings in an advisory capacity; and all of the approved executives of the DAs attend at least 4 of the 6 annual DA forums hosted by Altx. Listing Requirements The JSE Limited Listings Requirements are published by Lexis Nexis. The table below shows some of the major listing requirements of both the JSE Main Board and AltX. Listing Requirements Main Board AltX Share Capital Rand 25 million Rand 2 million Profit history 3 Years None Pre-tax Profit R8 million N/A Shareholder spread 20% 10% Number of Shareholders 300 100 Sponsor/DA Sponsor Designated Adviser Publication in the press Compulsory Voluntary Number of transaction categories * 2 2 Special Requirements N/A Appoint Financial Directors Annual listing fee 0.04% of average market capitalisation with a minimum of R26334 and a maximum of R121700 (including VAT). R22 000 (including VAT) Education Requirements N/A All directors to attend Directors Induction Programme *Transaction Categories Category 1: Transaction > a50% of market capitalisation Category 2: Transaction < 50% of market capitalization Circular to shareholders Shareholder meeting Shareholder approval Kicks in at 25% for Main Board Announcement on SENS (Stock Exchange News Service) Company website (if applicable) AltX Website Voluntary publication in press Kicks in at 5 to 25% for Main Board Market for Alternative Investment - MAI The Market for Alternative Investment (MAI) was established by the Stock Exchange of Thailand as a fund-raising site for small and medium enterprises with high-potential to growth or newly-established companies with high market value. It is an alternative channel for capital raising. The companies with high-potential to growth and a need for fund raising can get listed on MAI. Criteria for listing on MAI MAI seeks companies with high potential to list on the market. To support investor confidence, MAI requires that companies wishing to list have a record of profitable business before offering shares to the public. Most importantly, firms must demonstrate good corporate governance, transparency and reliability. Some of the major criteria for companies getting listed on MAI are the followings: Factors Listing Criteria Status Is a public limited company or juristic person established by specific law Paid-up Capital > 20 million Baht Distribution of shares to minority shareholders > 300 small shareholders of ordinary shares and the aggregate number of shares > 20% of paid-up capital Definition of minority shareholders : Non-Strategic Shareholders Public Offering The shares must have already been granted by the Office of the Securities and Exchange Commission (SEC) > 15 % of paid-up capital Track Record Track Record > 2 years before filing an application, Net Profit in the latest year > 0 ; or Track Record > 1 year before filing an application , Market Capitalization > 1,000 million Baht Financial Condition Equity > 20 million Baht Conflict of Interest No conflict of interest according to the criteria specified in the Notification of the SEC Corporate Governance and Internal Control There shall be an internal control system according to the criteria specified in the Notification of the SEC Must appoint audit committee > 3 directors with qualification as required by SEC Management Qualifications of the management team have no prohibited characteristics and comply with what are specified by the SEC The scope of authority and duties of audit committee according to the criteria specified in the Notification of SEC Articles of Association The articles of association of the company and the subsidiary company shall consist of the complete stipulations according to the criteria specified in the Notification of the SEC Silent Period Strategic Shareholders* > 55 % of paid-up capital after IPO for 1 year. After the first six months : allow to sell shares a maximum of 25% of total locked up shares. After a year: allow to sell the rest shares Financial Statements and Auditor Financial Statements which posses the features in accordance with the criteria specified in the Notification of the SEC -The auditor of the applicant must be approved by the SEC Financial Advisor Must appoint financial advisor *Definition of Strategic Shareholders Government, state enterprises and government agencies Director, managers and the management including related persons Shareholders holding shares > 5% of paid-up capital including related person Shareholders having an agreement not be sold within the silent period NYSE ALTERNEXT NYSE Alternext is a tailor-made market for small and midsized companies seeking simplified access to the stock market. Its streamlined listing requirements and trading rules are suited to the size and business needs of small and mid-cap firms while ensuring investor transparency. NYSE Alternext was created by Euronext to meet the needs of small and midsized companies seeking simplified access to the stock market. It opened for business on 17 May 2005. NYSE Alternexts streamlined listing requirements and trading rules are suited to the size and business needs of small and mid-cap firms. The rules also ensure investor transparency. Alternext is an exchange-regulated market with a lighter regulatory regime. It is not a regulated market as defined by the Markets in Financial Instruments Directive (MiFID) of 21 April 2004. It is regulated by Euronext through a body of rules applicable to intermediaries and listed companies. MARKET PARTICIPANTS LIQUIDITY PROVIDERS Role of LPs Liquidity Providers (LPs) act as market makers in the Euronext Cash market model’s order-driven system. The role of LPs on Euronext’s market is to: protect against variations in volatility on the market; guarantee transactions at all times at the best price; boost the volume of transactions in the orderbook. In this way the Liquidity Provider is a market specialist for its stocks, and as a result is often the principal point of contact for the issuing company. The Liquidity Provider agreement for equities is combined with a liquidity contract in many cases*. This links the issuing company to a Euronext market member offering a placing, analysis and advisory service, or specializing in initial public offerings (IPOs). Liquidity Providers mainly concentrate on small and mid caps, since listed companies with large market capitalization generate greater liquidity. The criteria for liquidity provision on large-cap stocks are more restrictive and liquidity provider agreements are not permitted for any of the stocks in the Euronext 100 index. When the LP enters into a commercial agreement with Euronext to provide liquidity on any stock or exchange-traded fund (ETF or tracker), it undertakes to quote two-way bid and offer prices with a minimum volume size, gauged either by the number or the value of shares, and within a minimum price range or spread. The warrants market is traded via the dedicated product segment, NextWarrants. In this instance it is mandatory that the issuer of the warrant is also the LP for the launch of the product. The same rules apply for certificates and convertible bonds. The market in trackers, traded on the NextTrack segment of Euronext, requires a minimum one LP to launch any product. These LP contracts are specific for each national market. In the bond market LP contracts are based on the national governing rules which differ according to the method of quotation and the issuer, government or corporate. Furthermore, members can take up the option of being bid-only LPs. Members considering becoming Liquidity Providers must be members of the Euronext country in which they want to provide liquidity, and be authorized to trade in the capacity of either dealer or broker/dealer. New LP profiles The Euronext Cash Market has recently reviewed its Liquidity Provider (LP) policy and will introduce two LP profiles in the near future. This is to better reflect the activity of LPs on the Cash Market. These profiles relate to LPs on equities only. Euronext will communicate the implementation date and schedule in due course. Since the introduction of the harmonized Liquidity Provider concept in 2001, Euronext has observed some changes in the behaviour of active Liquidity Providers, with two distinct types of activity. This has enabled us to establish two distinct types of LP, classified by their activity. Profile 1: â€Å"Corporate Broker† profile In the first category are LPs whose activity is strongly related to that of mid and small caps. These LPs provide listing sponsorship, research and/or promotional services to companies throughout the listing process, in addition to the usual LP trading service once the company has listed. Due to the corporate finance nature of their activity, these LPs will be classified as ‘Corporate Broker profile’ LPs. The profile of this category remains the same as the current LP profile, and Euronext aims to have a maximum of two LPs per equity. Profile 2: â€Å"Dealer profile† The second type of LP consists of LPs that provide quotes on the more liquid equities. These LPs perform hedging and arbitrage activities and are therefore focused on blue chips, foreign shares, and multi-listed equities in the Euronext zone (often equities that function as the underlying for options). These LPs will be called ‘Dealer profile’ LPs, after their style of trading (for own account and without any client involvement). A new Liquidity Provider profile has been developed for these Dealer profile LPs, and these LPs must respect a ‘List of eligible equities for LP activity’, which will be created by Euronext. Dealer profile LPs will have adjusted requirements and trading fees. MARKET MAKERS A market maker is a participant that can trade orders directly for its own account. Market makers must be entities with trading-member status. The role of market markers is to promote market liquidity by continuously displaying indicative bid/ask spreads for minimum quantities of the stocks they have undertaken to follow. This makes it easier to trade blocks of shares, for which investors sometimes have difficulty finding a counterparty in the main market. Market making is a bilateral process involving a market maker and a financial intermediary acting for its client. Market makers undertake to quote indicative bid/ask spreads for a minimum quantity of shares of their choosing during the following time periods at least: 9:00 to 15:30 for auction traded shares 9:00 to 17:30 for continuously traded shares If they wish, market makers can also operate between 7:15 and 9:00 and also from: 15:30 to 19:00 for auction traded shares 17:30 to 19:00 for continuously traded shares LISTING SPONSORS OBLIGATIONS All Alternext-admitted companies must have a listing sponsor. The listing sponsor is a long-term financial partner that helps the company prepare for listing on Alternext and guides it throughout its life on the exchange. It assists the company in meeting its market transparency requirements and fulfilling its other obligations. The presence of the listing sponsor is intended to bolster investor confidence. Listing sponsors commit to: Guiding and helping applicants prepare for listing: ? Provide information about legal and regulatory requirements ? Prepare the information document (either a prospectus approved by the regulator or an offering ? Circular prepared under the joint responsibility of the sponsor and the company) for distribution to potential investors ? Present a full admission dossier to Euronext ? Avoid potential conflicts of interest. The listing sponsor must provide Euronext with written confirmation that the applicant complies with the listing rules. It also certifies that it has performed customary due diligence. Helping the company throughout its listing by undertaking to: ? Ensure, for at least two years, that the companies it sponsors meet their disclosure requirements ? Inform Euronext whenever a company fails to meet its disclosure requirements or, in general, its obligations as a listed company ? Act as Euronexts main point of contact for queries about the companies it sponsors. If a listing sponsor fails to meet its obligations, Euronext can discipline it by: o Issuing a warning, which is posted on the Alternext website o Striking it off the list of Alternext-approved listing sponsors. Conditions for becoming a listing sponsor A listing sponsor is a company acting as an investment services provider, audit firm, legal counsel or corporate finance specialist. Candidate listing sponsors must make a contractual commitment to Euronext and meet all the following criteria: o At least two years experience advising companies in equity finance o Successful completion of equity-related transactions involving the preparation of information documents o Suitably qualified staff The register of listing sponsors will be continually updated and posted on the Alternext website, the official channel for disclosing information about companies listed on this market. KOSDAQ KOSDAQ market has opened on July 1, 1996 to meet both the needs of investors who want high risk-return opportunities and emerging enterprises that have to finance capital for growth. Its function can be stated as follows: (1) to facilitate corporate financing for promising small and medium-sized firms and venture businesses, (2) to provide new exciting investment opportunities for investors, and (3) to help venture capital firms redeem investment capital and set up new investment funds. KOSDAQ is the Korean version of Americas NASDAQ (National Association of Securities Dealers Automated Quotation) System, which is a part of the OTC market. The U.S. OTC market is the largest segment of the U.S. secondary market in terms of the number of issues traded as well as the diversity of quality. While about 2,600 issues are traded on the New York Stock Exchange, almost 6,000 issues are actively traded on the NASDAQ market. As of last March, KOSDAQ market consists of 328 registered companies, of which 261 firms are of small and medium-sized enterprises. Among them, there are 113 venture firms and 8 mutual fund companies. Although it amounts to almost the half of Korea Stock Exchange in terms of the number of listed companies, KOSDAQs total equity market value is as little as 8.5 trillion won, just 5% of KSE. The most serious problem of KOSDAQ market is the lack of liquidity. Currently, the average daily trading volume is less than 1% of that of KSE. However, KOSDAQ market has been on a strong rally since the start of this year on the back of small investors active buying of venture business shares. Stock prices of some venture firms, including telecommunications and Internet-related corporations, are on an upward spiral. While KOSDAQ Index has risen by 75% since the beginning of this year, Venture Index an auxiliary KOSDAQ market index has been up as much as 120%. For example, shareholders of Goldbank Communications, an Internet-related venture firm, have enjoyed incredibly thirtyfold increase in stock price during the five month period, from 960 won early this year to 30,700 won in May. This kind of hot market results from the worldwide phenomenon of crazing for Internet-related shares. The U.S. stock market these days is represented by the strength of Internet-related shares such as Yahoo, Amazon, and so on. For instance, Amazon, the Internet bookstore, has earned as high as 800% increase in stock price during the past one y ear. High stock price is mainly due to the fast growth in annual sales of USD 610 million in 1998, compared to USD 148 million in 1997. But market opinions are divided as for the appropriateness of prices of these venture shares. Some people believe they are over valued, others do not. We have to realize that not all venture businesses are Midas touch. Each year as many as 400 ~ 800 venture firms are newly listed on NASDAQ, but almost the same number of companies are delisted following business failure. It applies to KOSDAQ market as well. Those who consider investing to KOSDAQ stocks should acknowledge that high expected returns are given in reward for high risks taken. On 1 July 2006, Koreas KOSDAQ market modeled after NASDAQ of the United States attains its first decade of operation. Like its sister market in New York, KOSDAQ was created to meet two demands: raising capital for venture firms and small and medium-sized enterprises (SMEs) and providing a new market for investors to put their money into companies with growth potential. KOSDAQ grew on the governments policy to foster the information and technology industry. And the tech-laden market has owed its dramatic growth to years of low interest rate that kept funneling liquidity into the market. Knowing its growth potential, investors rushed to the market, sometimes making blind investment. Speculative trading in turn overheated the market, sending stock prices spiraling upward. Bubbles that formed in the short-lived boom of 2000 have burst, leaving the market in the doldrums ever since. Today, KOSDAQ focuses more on quality growth rather than on quantity expansion. Mixed Results 1. Good performance Over the past decade, KOSDAQ has grown to be the worlds fourth largest secondary stock market in market capitalization, after NASDAQ of the US, JASDAQ of Japan and AIM of the UK. KOSDAQs market capitalization reached 59.9 trillion Won on 23 June 2006, rising 7.8 times from 7.6 trillion Won in the late 1996. Trading volume and value have grown dramatically: in the first six months of 2006, 69.28 billion shares changed hand on the market, or 2,309.3 times larger than the number of shares traded in 1996. The aggregate value of shares traded in the first six months of 2006 reached 234.5 trillion Won, or 195.4 times bigger than that of 1996. As of 23 June 2006, the number of companies listed on the market rose 2.8 times to 929, up from331 in the late 1996. The KOSDAQ market has played a valuable role as the primary provider of capital for SMEs and venture companies. From its opening to May 2006, the tech-focused KOSDAQ supplied a whopping 26.9 trillion Won in capital for SMEs and venture firms through issuance of new stocks and initial public offerings. This role has recently weakened. The amount of fund raised from KOSDAQ market each year peaked at 7.1 trillion Won in 2000. In 2003, this amount fell drastically to 23.9% of the amount of 2000. Certainly, the market has contributed to the growth of listed companies. The combined sales of companies listed on KOSDAQ reached 61.6 trillion Won in 2005, accounting for 7.6% of Koreas GDP. The number of workers they hired grew to 189,595 in 2005, up 2.3 times from the late 1999. Together with the market, the information and technology industry has risen to account for 14.5% of Koreas GDP in the first quarter of 2006. It was four times higher than 3.6% of 1995. 2. Bad performance KOSDAQs volume growth hasnt been followed by quality. To better understand the performance of KOSDAQ-listed companies, Samsung Economic Research Institute has analyzed their sustainable growth rate and multiple of intangible assets. (Sustainable growth rate refers to maximum growth rate that a firm can sustain via business and financial activities while multiple of intangible asset means the value of intangible assets divided by capital.) According to our analysis, sustainable growth rate has fallen more and more in companies listed on the KOSDAQ market. Regardless of their weak performance, stock prices rose sharply in 2005. Most KOSDAQ-listed companies can still grow bigger. In the late 2005, only 52 of the KOSDAQ-listed venture firms had generated more than 100 billion Won in sales. Some companies including the Internet-business NHN Corporation and electronics equipment maker Humax have successfully developed their business lines. Even so, their scale was much smaller than that of successful venture firms in the US. Humaxs equity capital was worth US$380 million in the late 2005, but this was less than a sixtieth of the US food provider Sysco Corporation and a twentieth of the US search engine provider Google. The financial difficulty of smaller companies with sales of less than 10 billion Won was worse than that of bigger companies. Small-scale service venture firms were hit hardest by aggravating growth potential. In 2005, sustainable growth rate of non-venture firms with sales of less than 10 billion Won decreased 31.2% and that of venture companies with sales of less than 10 billion Won fell 58.3%. The service industry had a much lower sustainable growth rate. Venture companies in the service industry with sales of less than 10 billion Won each saw their sustainable growth rate tumble by 62.2% in 2005. The non-venture service firms with sales of less than 10 billion Won each also shed their sustainable growth rate by 42.3% for the year. Nevertheless, the number of small venture firms which have existed for more than 11 years reaches 57, accounting for 70.3% of total number of small venture firms with sales of up to 10 billion Won. It means that weak performance does not necessarily lead to business closedown. Small-scale venture firms have used money raised through initial public offerings as operating funds. From 1998 to 2005, a large-scale venture firm with sales of more than 50 billion Won raised 30.6 billion Won, on average, from the KOSDAQ market. On the other hand, a small-scale venture firm with sales of less than 10 billion Won each raised a whopping 88.7 billion Won from the KOSDAQ exchange. Some small-scale venture firms are reluctant to invest the money raised from the stock market. The amount of facility investment made by non-venture firms from 1998 to 2005 is 2.2 times higher than the money they raised from KOSDAQ during the same period. Venture firms invested a mere 30% of the money they raised from the KOSDAQ market. To sum up, KOSDAQ has been a big help to SMEs and venture businesses that are not qualified to raise capital from the main KOSPI market (KOSPI stands for Korea Stock Price Index). However, its role as the primary provider of capital has weakened and health of the market has aggravated with lots of KOSDAQ-listed businesses suffering from liquidity problems. The share of companies that showed operating deficits in the KOSDAQ-listed venture firms soared from 10.3% in 1999 to 33.8% in 2005. It means that a considerable number of KOSDAQ-listed venture companies survive on the funds raised from the initial public offerings, without generating profits. The market has suffered further setbacks in the wake of a series of scandals related to accounting fraud and other irregularities, which have eroded investors confidence? Growth of KOSDAQ We submit the following four recommendations as a way of helping KOSDAQ achieve its original goal of fostering SMEs and venture businesses. Firstly, the KOSDAQ market operators should have efficient systems in place so as to remove unviable companies from the market. The nations venture business industry can further grow only when the financially troubled companies with little hope for survival are squeezed out of the market. Promoting merger and acquisition (MA) market can be a good solution. If venture capital, government capital and private equity funds flowed into the economy and restructured Koreas industries, they would be a catalyst for troubling companies to go out of the market. Secondly, KOSDAQ must enhance its transparency. If the Financial Supervisory Committee and KOSDAQ Committee closely cooperated, they can restore confidence of investors and prevent market distortion. Transparency is a prerequisite to attracting investment and fostering the stock market. KOSDAQ must also improve its investment environment. In March 2006, it introduced the KRX Research Project that connected research firms and listed companies that wanted to release analytical reports on corporate performance. It must continue this project in order to provide timely information to investors. Thirdly, the market must provide diverse securities products and promote activities of market makers who quote a buy and sell price in financial instruments hoping to make a profit on the turn or the spread between the bid and offer. Market makers can encourage promising SMEs and venture businesses to list on the market and give more convenience to investors. In order to run the new system efficiently, KOSDAQ needs to increase the number of market makers and teach listed companies and investors the concept of market makers. At the same time, it should diversify products and improve transparency of information. Finally, MA business should play a role in driving SMEs and venture businesses. Currently, mistrust of financial information has discouraged investors and institutions from pursuing MAs. Therefore, financial institutions such as banks and securities firms need to provide more accurate information on SMEs. At the same time, KOSDAQ operators should create business environment whereby a venture capital can pursue MA activities without too much hassle. LISTING STANDARDS Category KOSDAQ Market (Non-venture business) KOSDAQ Market (venture business) Equity Capital At least 3 bn Korean Won At least 1.5 bn Korean Won Years of Operation Exempt Capital status No capital impairment No capital impairment Ratio of public offering At least 10% of total issued voting stocks (if minority shareholding is less than 30%, at lest 20% of total issued voting stocks) No. of Minority Shareholders At least 500 owning at least 30% Sales Revenue N/A N/A Return on Equity At least 10% or 2 bn Korean Won At least 5% or 1 bn Korean Won (exempt if certified as venture business with high growth potential and viable technology, and obtained at least Grade A from Credit Guarantee Fund or ETRI) Net Income Must record positive ordinary income in the most immediate fiscal year. Must record positive ordinary income in the most immediate fiscal year (exempt if certified as a venture business with high growth potential and viable technology) TSX Venture exchange Canada Listing on TSX Venture Exchange is an option for emerging companies, providing access to public venture capital to facilitate their growth. Companies listed on TSX Venture Exchange are provided with the opportunity to gain a solid foothold in the public market, with the potential to work towards graduation to the senior exchange and access to larger pools of capital. Whereas listing on Toronto Stock Exchange (TSX) is the right choice for well-managed, growth-oriented companies with strong performance track records. Toronto Stock Exchange is globally recognized as one of North Americas premier stock exchanges, known for its high standards of fairness and innovative approach to trading. The steps to list on TSX Venture Exchange 1. Contact Business Development to set up an advisory meeting. 2. Prepare your internal and external advisory team (management, directors, investment dealer, legal counsel, auditor, IR professional). 3. Prepare your TSX Venture Exchange Listing Application and prospectus. 4. Submit application and supporting documentation. 5. TSX and TSX Venture Exchange review for listing approval. Filing a prospectus is a five-step process: 1. File a preliminary prospectus with TSX Venture, as well as with your home province securities commission and other provincial jurisdictions where securities will be sold. 2. Regulatory authorities review the prospectus and inform your professional advisors of any deficiencies. 3. After all deficiencies are cleared to the satisfaction of the regulators, file an amended prospectus in final form. 4. The securities commission will issue a final receipt as acceptance of the prospectus. 5. This approval allows your company to begin selling securities in the provinces where a final receipt has been issued. Listing Requirement Listing requirements for TSX Venture Exchange are sector and stage of development specific. Listing requirements depend on the basis of Property Requirement, recommended work program, Working Capital and Financial Resources, Net Tangible Assets or Revenue, Sponsorship. And these requirements vary from Sector to Sector. The following division has been made by exchange for listing purpose Mining Oil Gas Diversified Industries (includes Consumer and Industrial Products; Technology; Cleantech; Life Sciences; Research and Development; Communications and Media; Real Estate and Investments; Financial Services; Forest Products; Utilities and Pipelines) Structured Products (Includes Exchange Traded Funds (ETFs) and Closed End Funds) Capital Pool Company Program Listing Fees Original Listing Fees for TSX Venture Exchange range between CDN$5,000 and CDN$30,000, with an annual sustaining fee payable after the first year. There are also additional fees for certain transactions, such as property acquisitions, secondary public offerings and private placements. The details of Fees can be seen in excel attached. Four different methods at TSX Venture Exchange Direct Listing An issuer already listed on another stock exchange may list directly on TSX Venture Exchange if they are able to meet listing standards. As well, these issuers may be eligible for certain exemptions from regulatory and reporting requirements, provided they are listed on a stock exchange recognized by TSX, and if that stock exchange has similar listing requirements as TSX Venture. IPO IPO is normal process that is followed in all exchanges around the world. Reverse Take-Over In a reverse takeover, shareholders of the private company purchase control of the public shell company and then merge it with the private company. The publicly traded corporation is called a shell since all that exists of the original company is its organizational structure. Going public through a reverse takeover allows a privately held company to become publicly held at a lesser cost, and with less stock dilution than through an initial public offering (IPO). TSX Venture Capital Pool Company Program (CPC) The Capital Pool Company (CPC) program is a unique listing vehicle offered exclusively by TSX Venture Exchange. The program is a two-phased process, involving the following steps: Creating the CPC: Three to six individuals with an appropriate combination of business and public company experience put up a minimum of $100,000 in seed capital. These founders incorporate a shell company the Capital Pool Company (CPC) and issue shares in exchange for seed capital at a minimum price between the greater of $0.05 and 50% of the price at which subsequent shares are to be sold via prospectus. The CPC and its advisors prepare a prospectus that outlines managements intention to raise between $200,000 and $1,900,000 by selling CPC shares at typically twice the issuance price of the seed shares, and to use the proceeds to identify and evaluate potential acquisitions. Selling the shares: The CPC files the prospectus with the appropriate securities commission(s), and applies for listing on TSX Venture Exchange. The broker sells the CPC shares, pursuant to the prospectus, to at least 200 arms length shareholders, each of whom buys at least 1,000 shares. No one purchaser can purchase more than 2% of the offering, and no one purchaser together with his, her, or its associates or affiliates can purchase more than 4% of the offering. Once the distribution has been completed and closed, the CPC is listed for trading on TSX Venture Exchange. The symbol includes a .P to identify the company as a CPC. SME Exchange in India Currently, there is no exchange in India exclusively for SMEs. However, the SEBI Board has already given the go-ahead for creation of a separate SME exchange. SEBI is in the consultation process for a separate SME Exchange. However, it is unlikely that the Indian exchange will dilute any standards or relax regulations for SMEs, for protecting investor interest and also the integrity of the markets. Also, it is likely that the exchange will have a minimum ticket size for transactions so that only high networth individuals will be eligible and smaller uninformed investors won’t burn their fingers. 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