Which of the following is not a requirement for listing on AIM?

The correct choice reflects the distinctive characteristics of AIM (Alternative Investment Market), which was designed to provide a more flexible venue for companies seeking to raise capital. One of the defining features of AIM is that it does not impose a mandatory free float requirement of 25%. While maintaining a liquid market for shares is important, AIM allows companies to have more flexibility in determining their level of free float, meaning they can list even if they have less than this threshold.

AIM's structure is aimed at attracting smaller or growth-oriented companies that may not meet the stricter regulations of larger stock exchanges. Thus, requirements such as having no trading record or market cap requirements cater to this intent of inclusivity and accessibility. Additionally, the requirement for a pre-admission announcement of 10 business days before admission ensures that there is adequate market transparency prior to listing. Each of these factors highlights AIM's role as a supportive platform for emerging businesses rather than imposing overly stringent entry barriers.