When Early Investors Become Locked In

For many growth-stage companies, the shareholder base expands rapidly. Over time, hundreds of minority investors may hold shares that are valuable on paper but impossible to trade. When a company delays or abandons earlier expectations of a listing, these investors are left without a practical exit strategy.

Why Registration Matters

Registration on platforms such as Euronext NOTC can often be completed with minimal administrative work, as existing annual reports and prospectuses usually contain most of the required information. After registration, the company has no involvement in trading activity, meaning ongoing administrative effort is negligible.

For shareholders, however, NOTC registration is transformative. It enables transparent pricing, responsible management of their investment, and a basic level of liquidity.

Governance Principles vs. Practice

Many companies publicly emphasize good corporate governance and equal treatment of shareholders. However, when hundreds of investors remain in a long-term illiquid position while larger shareholders enjoy structured exit options or preferential terms, the gap between principles and practice becomes clear.

Costs Are Not the Real Barrier

The cost of NOTC registration — generally a one-time fee plus a moderate annual fee — is typically insignificant relative to company valuations or capital structures. If internal capacity is the primary obstacle, shareholders can assist in preparing the application, which must ultimately be submitted through a member firm.

Why This Matters

Minority shareholders often make up the vast majority of individual investors, even if they represent a smaller share of the total capital. Ensuring them access to a basic trading venue supports fairness, transparency, and trust — and demonstrates a genuine commitment to responsible governance.