This is the name given to small shares often of a certain size in market capitalisation (equity value) terms – generally they are worth between £1m and £100m.

However it is worth noting that the definition varies between exchanges, brokers and ratings agencies – some indices set the maximum limit at £250m for example. As a rule of thumb, once a share has a market capitalisation below £1m it may be referred to as micro-cap instead.

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