AIM firms set to fall foul of new website rules

Hundreds of companies quoted on the Alternative Investment Market were frantically updating their websites last week to comply with a new London Stock Exchange rule that comes into effect tomorrow. Despite this, some Aim firms will still fail to meet the deadline, according to Al Loehnis of Investis – a business that provides online corporate communications services.

Aim Rule 26 requires that every company maintains a website that provides detailed information about the business for investors. But although most Aim firms have released statements to the LSE in recent weeks confirming that their sites comply with Rule 26, Loehnis says there is "no question" that there will be some that are not up to scratch.

"I will be very surprised if there are many companies that haven't made some kind of an effort," he said. "[But] I would expect that there will be a number that aren't compliant."

Last week, Investis was still getting calls for help despite firms being warned by the LSE about Rule 26 six months ago. A survey by the company of the top 100 Aim firms' websites four weeks ago revealed that only six were fully compliant and that one did not have any presence at all. The LSE also reviewed an extensive sample of Aim firms' sites this month and found that the majority of them did not comply.

Observers will be keeping a close eye on how the LSE treats those companies not complying by tomorrow's deadline. "It's an interesting test for the stock exchange because there is no point in having rules unless you use them," said John Pierce, chief executive of the Quoted Companies Alliance – a not-for-profit organisation that counts many Aim firms as members.