ETASSUM44150 - Schedule 4 Company Share Option Plan (CSOP): Requirements relating to options: AIM and other junior market listed shares
Shares listed on AIM or any other junior market in London will always require prior agreement of HMRC Shares & Assets Valuation (SAV) to determining the Market value for the purposes of granting Schedule 4 CSOP options.
In practice scheme rules should include the statutory definition of Market Value with reference to TCGA in addition to how the Market Value will be determined by reference to any published reference sources as they would for a share listed on the Daily Official List (or other Recognised Stock Exchange). SAV should be approached prior to the granting of options and where possible agree a methodology for determining Market Value on an ongoing basis, as alternatively SAV would need to be approached prior to the grant of all options. If an agreed methodology was proposed to be changed then prior approval would be required from SAV in the normal way.