Convertible equity securities may be listed only if the underlying shares are (or will become at the same time):—

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

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