Warrants may be listed only if the underlying securities to be subscribed or purchased are (or will become at the same time):—

(1) a class of listed equity securities; or
(2) a class of equity securities listed or dealt in on another regulated, regularly operating, open stock market recognised by the Exchange.

However, the Exchange may list warrants in other circumstances if it is satisfied that holders have the necessary information available to form an opinion concerning the value of the underlying securities to which such warrants relate.