The London Stock Exchange dream that Aim might become the market of choice for small overseas companies is starting to fade. Aim statistics show that at the end of August the number of international companies quoted on the junior market, which peaked at 347 in 2007, had fallen to 264. That is 70 fewer than at the end of August last year.

The trend looks set to continue. This week Roc Oil became one of the latest to announce plans to go. The company will be able to leave quickly as its Aim quote, taken in 2004 when the LSE was wooing overseas companies, was secondary to its listing on the Australian Stock Exchange. The ASX is an Aim-designated market, so Aim Rule 41 can be waived. The rule would usually require a 75 per cent vote from shareholders to cancel the London listing. Now shareholders who do not sell before the cancellation in November will be transferred to the Australian share register.