The new regulation of the Athens Stock Exchange on the dispersion rates of shares in listed companies came into force on January 1.
Specifically, each company is now required to maintain a dispersion rate on a continuous basis:
- at least 25%, when the average capitalization of the previous 6 months is below 200 million euros
- at least 15%, when the average capitalization of the previous 6 months is higher than 200 million euros
The first dispersion adequacy audit is scheduled for July 1, 2025 and will concern the average free float of the first half of the year (January 1 to June 30, 2025).
The dispersion is checked twice a year:
In January, with a reference period of July-December of the previous year
In July, with a reference period of January-June, which just preceded.
Excluded from the above are those shares that fall into the category of High Trading Activity – regardless of whether or not they meet the limits of the share dispersion.
Those who do not comply with the required dispersion limits (25% or 15%) and do not belong to the High Trading Activity, have a six-month deadline to restore the free float, with the possibility of an extension of an additional six months. There will also be an obligation to appoint at least two special traders, one within three months of the first deadline.
In case the dispersion is not restored after the expiration, the share:
- is transferred to the Surveillance Category, provided that the dispersion is at least 10%. The new ATHEX regulation sets the time a company must remain in the Surveillance Category at two years
- its trading is immediately suspended, provided that the dispersion falls below 10%
