Under which circumstance must a premium issuer appoint a sponsor?

A premium issuer must appoint a sponsor when applying to admit shares requiring a prospectus because the role of the sponsor is to ensure that the issuer complies with all relevant regulations and the standards of the stock exchange. This involves providing guidance on the admission process and helping to prepare the prospectus, which is a critical document that must effectively communicate all necessary information to potential investors.

The requirement for a sponsor at this stage helps maintain the integrity of the market by ensuring that the issuer meets the conditions for admission, thereby protecting investors and supporting the proper functioning of the stock exchange. This guidance is particularly essential in complex transactions where thorough disclosure is mandatory for compliance with legal and regulatory standards.