Aim Italia: guide for beginners

Presentation and history

Aim Italia logo
AIM Italia/Mercato Alternativo del Capitale is a Multilateral Trading Facility (MTF) dedicated to small and medium-sized Italian companies with high growth potential, regulated and managed by Borsa Italiana and inspired by the similar English initiative.

It was created to facilitate the listing of shares of small and medium enterprises, allowing for streamlined procedures and short times.

AIM Italy was launched in Italy in 2009 and has been borrowed from the experience and know-how gained in over 15 years of experience of the AIM UK London Stock Exchange.

On 1 March 2012, AIM Italia was merged with the existing MAC and the AIM Italia/Mercato Alternativo del Capitale (Alternative Capital Market) was created, with the aim of rationalising the offer dedicated to SMEs (Small and Medium Enterprises) and proposing a single market designed for the most dynamic and competitive SMEs in our country, offering them the opportunity to access a new financial source, independent of the banking system.

The AIM is a non-regulated market, therefore not subject to specific regulations regarding the organisation and functioning of the market itself.

The absence of regulation means that the functioning of the market, the securities and the operators admitted are not subject to the specific discipline and authorisation of the Supervisory Authorities on the subject of Regulated Markets and are not registered in the appropriate register.

Therefore, there is no investigation by Consob (National Commission for Companies and the Stock Exchange) at the admission stage.

In view of the flexibility and speed of access, the figure of the Nominated Adviser (Nomad), a person responsible to Borsa Italiana, is particularly important. He is responsible for assessing the appropriateness of the company for admission purposes and then assisting, guiding and accompanying it throughout its stay on the market.

Why list?

The listing of your shares on the stock exchange is first of all a means to find capital available to finance the growth of the company without going through the traditional banking channels.

The stock exchange bell announcing the new listing
The stock exchange bell
announcing the new listing
Opening up to the capital market also contributes to:
  • expanding and diversifying sources of finance;
  • increasing capacity to contract with banks;
  • raising financial resources for use in dimensional development plans;
  • finance acquisitions, including through the exchange of shares;
  • strengthening of the production structure;
  • commercial strengthening;
  • to give an objective and transparent value to the company;
  • give flexibility and liquidity to the shareholders, allowing shareholders who are no longer motivated to liquidate, in whole or in part, their participation (exit strategy);
  • widen the shareholding structure;
  • facilitate the generational transition;
  • involve the management in the results of the company by making it participate in the capital;
  • introduce incentive plans for management and employees;
  • increase the company's standing and visibility towards customers and suppliers;
  • expand the network of company relations and attract qualified resources;
  • strengthen the company's credibility thanks to the presence of qualified investors;
  • increase the company's contractual strength in negotiations.
Why AIM Italy?

SMEs are the backbone of the Italian economy.

In terms of numbers, SMEs provide about two thirds of the added value of the entire industrial sector and employ 80% of the total workforce.

AIM Italia offers small and medium sized companies the possibility to access efficiently to a selected audience of investors focused on small caps, offering a faster and more flexible path to listing than the main market (MTA), in line with the growth rates of SMEs.

Who can be listed on AIM Italia?
Source: Francesco M. Renne
Bureaucratic and communication facilities are provided to reduce costs for companies and speed up the listing process.

More specifically, the facilities refer to the exemption from the obligation to publish an initial prospectus and quarterly management reports.

Listed on AIM Italia can be an effective means of financing the growth and development of an SME.

AIM Italia is designed to offer SMEs a combination of advantages in listing, with a path that is characterized by:
  • Regulatory flexibility for SMEs: AIM Italia is based on a flexible regulation, designed to offer a simplified path to listing and at the same time post-listing requirements tailored to the structure of small and medium enterprises;
  • admission requirements are reduced compared to the requirements for listing in the main markets. There is no minimum company size in terms of capitalisation and a minimum threshold of 10% is sufficient for the free float. There are no particular requirements regarding corporate governance, just as there are no specific economic or financial requirements. It is the market itself, through the figure of the Nomad, that defines the ideal characteristics of the companies that will be admitted to the market;
  • speed of access: access requirements are simplified compared to the main market and less stringent to allow a greater number of companies to be listed;
  • lower listing costs compared to listing on a regulated market: lower costs are the result of greater regulatory flexibility and speed of listing;
  • international visibility: being part of the offer of a market management company such as Borsa Italiana, and deriving directly from a successful experience such as that of the AIM in London, companies enter a global market and benefit from international visibility.
However, listing on the stock exchange requires a commitment on the part of the company and its managers to comply with the rules and commitments.

The listing on AIM Italia is a key choice for the future of the SME because it offers a solution to increasingly complex competitive scenarios that require capital to achieve growth projects, strategic vision, visibility to generate competitive advantages and strengthening capital.

AIM Italia provides direct access to the stock markets with a simplified listing path for business development.

It has established itself over the years as a privileged channel for SMEs to finance major development projects.
                                                            The success factors of AIM Italia

                                                            The factors that have contributed to the success of AIM Italia are:
                                                            • the concrete possibility of access to the stock market for companies with a limited turnover;
                                                            • lower requirements and shorter timeframes in the admission to listing phase compared to the MTA regulated market;
                                                            • a simplified and balanced process of IPO (Initial Public Offering) which aims to facilitate the gradual transition of an SME to the status of a listed company;
                                                            • lower costs and fulfilments during the period of stay on the market;
                                                            • a diversified and international investor base with medium-term investment prospects;
                                                            • a reduction in SMEs' dependence on the credit system.
                                                            The opportunities of the IPO on Aim Italia

                                                            AIM Italy is the right tool for SMEs that want to find financial resources with a clear project and presents interesting opportunities:
                                                            • Tax savings: the Budget Law 2018 approved the tax credit on 50% of the consultancy costs related to the IPO incurred for the listing of SMEs on the Stock Exchange until 31 December 2020, up to a maximum of 500 thousand euros per company.
                                                            • Liquidity of the RIP: following the introduction, in the 2017 Budget Law, of the PIR (Individual Savings Plans) and the creation of numerous funds specializing in Small/Mid Caps, AIM Italia has seen a significant increase in liquidity.
                                                            • Enhancement of innovation: AIM Italia is the only unregulated market that can host Innovative SMEs with potential tax incentives for investors.
                                                            Moreover, in order to stimulate the progressive growth path of a listed company, there are mechanisms of transition between the various lists of the Italian Stock Exchange that help the company to optimize the efforts made during the listing phase.

                                                            Companies listed on AIM Italia for at least 18 months can make the transition to the main market (MTA) with requirements scaled down compared to the regular procedures for direct access.

                                                            The operators involved

                                                            The entire listing process (IPO) and the subsequent stages are handled by a financial advisor called Nomad (Nominated Adviser) who is responsible for assessing the company's requirements for admission and then assisting, guiding and accompanying the company for the period of its stay on the market.

                                                            In addition to Nomads, there are other key figures of intermediaries who intervene in the initial listing process and subsequently when the company is already listed.

                                                            The role and characteristics of each operator are defined by the regulations establishing Aim Italia.

                                                            Nomad

                                                            The nominated advisor has a priority role because it carries out those functions that allow the good functioning of the market as a whole and protect its reputation and integrity.

                                                            The Nomad:
                                                            • evaluates the suitability and adequacy of the company for admission;
                                                            • guarantees compliance with the formal pre-listing requirements and the execution of the requirements and procedures on AIM Italia;
                                                            • carries out the evaluation of the company and performs the Due Diligence;
                                                            • verifies the Industrial Plan;
                                                            • prepares the Information Memorandum and the Admission Document;
                                                            • manages the listing process, defining the timing.
                                                            The Nomad must also provide opinions and indications to the directors of the company on the obligations and responsibilities arising from admission to AIM Italy and must ensure that they are aware of them.

                                                            Legislation states that Nomad may be:
                                                            • a professional association or capital company known to the market and with adequate professionalism: therefore, business banks, intermediaries, professional associations, but not natural persons can perform this role;
                                                            • must have exercised corporate finance activities for an adequate period of time, usually at least two years, and have adequate experience having carried out a number of significant transactions;
                                                            • have a sufficient number of employees to carry out the required activities;
                                                            • have key executives with adequate professionalism;
                                                            • have adequate controls and procedures in place in order to comply with the Nomad regulations.
                                                            The Nomad may also perform the role of Global Coordinator and Specialist.

                                                            Broker/global coordinator

                                                            The broker is an important figure for the success of the listing process.

                                                            Together with the Financial Advisor and the company, he identifies the target and type of investors.

                                                            Its main function consists in placing the listed shares with institutional and/or retail investors (if any), sponsoring the issuing company vis-à-vis the financial community and coordinating the entire listing operation.

                                                            Its tasks are:
                                                            • organisation of meetings with institutional investors, in which the details and reasons for investing in the company's shares, the so-called roadshow, are explained, during which time management meets potential institutional investors;
                                                            • taking care of the entire marketing process together with the financial communication company (publications, management presentations, etc.);
                                                            • definition, together with the Nomad and the financial advisor, of the value of the issuing company;
                                                            • bookbuilding activity, which consists in the collection of orders from institutional investors;
                                                            • pricing activities, where the offer price of the shares placed is precisely defined on the basis of the feedback obtained during the roadshow.
                                                            Financial Advisor

                                                            The Financial Advisor is the independent expert in capital markets and corporate finance that supports the SME in the listing project.

                                                            The financial advisor has a particularly important role as he is the interface of the entrepreneur with all the interlocutors of the listing process and is often identified before these.

                                                            Especially for small and medium enterprises, the financial advisor intervenes before the process begins and introduces into the company those changes that are essential to prepare the company in the most correct way to the process:
                                                            • implements the management control system and tests its effectiveness;
                                                            • assists the company and its management in the drafting of the business plan and in identifying the key business variables;
                                                            • helps in the identification of a company value on the basis of which the entrepreneur can orient himself when comparing in the initial and subsequent phases up to the placement with other market operators;
                                                            • assists SMEs in the overall organisation of the operation and in defining the structure on the basis of financial requirements; selects the IPO team and coordinates the various actors in the project.
                                                            Legal Advisor

                                                            They are responsible for advising their clients on all aspects of legal and contractual terms, both vis-à-vis Borsa Italiana and vis-à-vis the other parties involved in the listing.

                                                            The company's legal advisors are responsible for:
                                                            • advise the company on the legal aspects of the transaction;
                                                            • assist the company in defining the structure of the offer, the optimal corporate structure and possible corporate restructuring (for example, the creation of a holding company);
                                                            • examine the admission document and other documents required for listing;
                                                            • perform legal due diligence, issue legal opinions, assist the Nomad in preparing and issuing the declarations to Borsa Italiana required by the AIM Italia Regulations;
                                                            • to deepen, where requested by the Nomad and if necessary, the aspects related to corporate governance;
                                                            • inform the directors of their responsibilities, as defined both in the admission document and after obtaining the status of company admitted to AIM Italia;
                                                            • assisting the company in defining contracts with the other parties involved in the listing process, the Nomad and the broker, and with regard to the placing agreement. They examine the admission document and any other document and information that may involve liability for their clients.
                                                            Specialist

                                                            It is obligatorily provided for in the AIM Italia regulations, in order to guarantee the liquidity of the securities, once the company is admitted to trading.

                                                            The specialist is essentially responsible for carrying out the activity of market maker: to buy the securities at the time when the market sells and sell them at the time when the market buys.

                                                            It undertakes to support the liquidity of the security and to expose continuously on the market offers to buy and sell at prices that do not deviate from each other by a percentage greater than an agreed maximum and for a fixed daily quantity.

                                                            Fynancial Analist

                                                            Usually the specialist himself, or another one appointed by him, has the task of periodically preparing studies and research on the listed company to be made available to investors, who will then be able to be aware of the company's performance and future strategies and to promote knowledge of the company on the stock market.

                                                            They are normally published twice a year on the occasion of the approval of the annual and half-yearly results.

                                                            In the pre-IPO phase, the research is preparatory to the listing: the financial, industrial and market analysis of the company being listed supports the feasibility of the IPO project and the evaluation process.

                                                            In the post-listing phase, equity research enhances the SME as an investment opportunity, contributes to the liquidity of the stock, leading to greater interest from investors, reducing volatility and supporting new operations for further capital raising.

                                                            Tax Advisor

                                                            The Tax Advisor performs tax due diligence for Nomad by analysing the accounting and tax situation of the company, ascertaining the conformity of the Financial Statements and Income Statements with civil and tax regulations, and ascertaining the regularity of the accounting books.

                                                            Independent auditors

                                                            They are responsible for verifying the financial statements and recording operating events in the accounting records, carrying out auditing and certification of historical financial information.

                                                            Investor relations and press office

                                                            Investor Relations (IR) includes all the activities with which the listed company communicates with its current or potential investors, in compliance with the information obligations imposed by the regulations.

                                                            Investor Relations activities are essential to ensure the success of the IPO operation and to promote the SME as an investment opportunity for institutional investors.

                                                            The listing on AIM Italia opens a continuous dialogue between management and investors, in which the construction of the equity story and the management of IR activities are strategic to enhance the company and ensure the liquidity of securities listed on AIM Italia.

                                                            Small and medium capitalization companies are supported by external Investor Relations experts.

                                                            The main objective of the IR activity is the correct valuation of the stock.

                                                            The phases of the listing

                                                            Preparatory activities:
                                                            • Select the Nomad and team of consultants;
                                                            • Start due diligence;
                                                            • Build the equity story and investor relations strategy.
                                                              3 months:
                                                              • Verify the problem areas identified in the due diligence;
                                                              • Prepare the draft admission document;
                                                              • Share first assessment assumptions;
                                                              • Presentation to analysts.
                                                                1 - 2 months:
                                                                • Complete due diligence and documentation;
                                                                • Roadshow for investors;
                                                                • Pre-readmission communication (10 days before).
                                                                  1 week:
                                                                  • Completion of application, publication of admission documents and placement of supply (3 days before).
                                                                  Requirements for admission

                                                                  The market admission procedure and the ongoing obligations during the negotiation phase are defined by the AIM Italia Issuers' Regulations.

                                                                  In particular, there are no minimum requirements in terms of capitalisation, corporate governance or specific economic and financial requirements.

                                                                  Since the assessment of appropriateness is left to the Nomad, it will be the market, through the Nomad, that will define the ideal characteristics of the companies admitted and the relative controls in terms of governance.

                                                                  Over time, on the other hand, a market practice has developed that requires companies to present a minimum turnover linked to their business model and minimum governance safeguards to protect the market.

                                                                  For the success of the IPO operation it is necessary to attract the interest of investors.

                                                                  The company must demonstrate that it can create value in the future and meet a number of substantive and formal requirements.

                                                                  Substantive requirements

                                                                  The decision to list on the stock exchange is closely linked to the strategic growth project, which cannot ignore the track record and future sustainability of the business model.

                                                                  The feasibility of an IPO involves verifying the substantive requirements that attract the attention of investors:
                                                                  • strategic, organisational and financial characteristics;
                                                                  • the competitive and market context;
                                                                  • the key drivers that determine the company's success.
                                                                  The company should meet a number of substantive requirements:
                                                                  • track record of success;
                                                                  • sustainable business plan;
                                                                  • orientation towards value creation;
                                                                  • sector with opportunities for growth;
                                                                  • solid competitive positioning;
                                                                  • market leadership;
                                                                  • management expertise;
                                                                  • orientation towards internationalisation;
                                                                  • management autonomy;
                                                                  • balance of the financial structure;
                                                                  • solid fundamentals and high marginality;
                                                                  • managerial organisation;
                                                                  • openness to communication;
                                                                  • capacity for innovation.
                                                                  Unlike the main MTA price list, AIM Italia is characterised by a simplified admission process as there are no minimum access requirements in terms of capitalisation, turnover or corporate governance structure.

                                                                  The main requirements and documents required are listed below.

                                                                  Formal requirements in the admission phase

                                                                  Appointment of a Nomad: the presence of the Nomad must be continuous both in the admission phase and in that of trading the security on the market, without interruption.

                                                                  Minimum free float of 10%: this requirement is met if the shares are distributed to investors, not related parties or employees of the company or group of reference, as a result of a placement to be made at the same time or in the proximity of admission to trading on the market.

                                                                  Proximity" means no later than two months after admission.

                                                                  The IPO operation can be structured in three basic ways: OPS, OPV, OPVS.
                                                                  • OPS - The Board of Directors decides to place newly issued shares on the market, thereby increasing the share capital.
                                                                  • OPV - Offering of public sale of a part of the property through the release on the market of already existing company shares.
                                                                  • OPVS - Joint use of the two methods with the sale by the existing shareholders and the simultaneous issue of new shares.
                                                                  Any shares offered for sale (OPV) by shareholders generally represent only a minority share (max 30% of the total offer - OPVS).

                                                                  At least 5 institutional investors: for an amount consistent with the total amount of the placement.

                                                                  An institutional investor is an economic operator (company or entity) that makes considerable investments in a systematic and cumulative manner, having significant financial resources of its own or entrust him with it:
                                                                  • insurance companies;
                                                                  • asset management companies;
                                                                  • credit institutions or other professional financial operators that operate on their own account or in the context of a mandate on behalf of their clients, including private clients;
                                                                  • collective investment undertakings, such as investment funds or pension funds;
                                                                  • local and regional authorities;
                                                                  • financial holding companies.
                                                                  The requirement for institutional investors to be present at the placement stage is a guarantee that the initial assessment of the company is appropriate and based on objective considerations.

                                                                  The retail investor consists of all private investors who do not fall under the definition of institutional investor.

                                                                  Any offer reserved for retail investors has a maximum amount of 5 million euro.

                                                                  At least one financial analyst to cover the company.

                                                                  Admission document: the admission document must contain information on the company's activities, management, shareholders and economic and financial data.

                                                                  The structure of the document follows the model provided for in the prospectus provided for in Regulation 809/2004/EC, although it contains fewer items of information and not all the chapters provided for in a normal prospectus.

                                                                  Corporate financial statements: the company must have the latest financial statements, certified by a statutory auditor and prepared in accordance with national standards or IAS/IFRS.

                                                                  A minimum number of closed financial statements is not required.

                                                                  Articles of Association: companies are required to adapt their Articles of Association by making the provisions relating to listed companies in the Consolidated Law on Finance and the CONSOB regulations implementing them with regard to takeover bids and compulsory exchange applicable by way of a reminder, limited to Articles 106 and 109 of the Consolidated Law on Finance.

                                                                  Minimum requirements for corporate bodies: the regulations do not provide for minimum requirements with regard to the composition of corporate bodies.

                                                                  However, since the company itself must be adequate to remain on a stock market and have characteristics suitable to make it attractive to third-party external investors, it is now market practice that there is at least one independent director and that the members of the board of statutory auditors are completely independent as provided by the code of conduct.

                                                                  Dematerialised and freely transferable shares: the company's shares must be dematerialised at Monte Titoli S.p.A. in order to allow them to be regulated in their liquidation procedures.

                                                                  Continuous formal requirements

                                                                  Appointment of a specialist: a person who will be responsible for supporting the liquidity of the security once trading has begun and who will be required to produce, or cause to be produced, at least two research studies per year concerning the issuer at the time of publication of the annual and half-yearly results.

                                                                  The research must be published on the website of Borsa Italiana as soon as possible and in any case no later than one month after the approval of the accounting data.

                                                                  This subject, like the Nomad, must be maintained without interruption.

                                                                  Appointment of an SDIR: the issuer AIM Italia must appoint an SDIR (System for the Dissemination of Regulated Information) to ensure that the information provided for in the regulations is communicated in the manner and timing required by the reference regulations.

                                                                  Publication of the financial statements and the half-yearly report: preparation and publication of the financial statements presented in accordance with Italian Accounting Standards or International Accounting Standards (audited) within 6 months of the end of the financial year.

                                                                  The preparation and publication of the half-yearly reports within 3 months of the end of the accounting period.

                                                                  There is no obligation to publish quarterly management reports.

                                                                  The annual financial statements must be audited by the law, while the half-yearly reports must not be audited, although it is preferable to subject them to a limited review due to market practice.

                                                                  The accounting information can only be prepared in Italian as the preparation in English is optional.

                                                                  Publication of price sensitive information, i.e. information that could have an impact on future results and share performance.

                                                                  Their disclosure is regulated by the MAR (Market Abuse Regulation).

                                                                  Events of a financial or institutional nature that occur in the sphere of activity of the issuer and are capable of generating effects on the price of the shares must be communicated to the public while ensuring symmetry of information.

                                                                  Maintenance of an Internet site: it is mandatory to have an Internet site on which to insert an Investor Relations section where information relating to the description of the business, names and responsibilities of the members of the administrative body, articles of association, number of financial instruments, financial statements, press releases issued in the last five years, admission document, information on the Nomad and significant shareholders can be made available.

                                                                  Investor relations adviser: it is not mandatory for AIM to appoint an investor relations consultant.

                                                                  However, for market practice and in order to better manage the relationship with the market, it is recommended to appoint a person, even outside the company, who occupies the position of Investor Relator.

                                                                  Frequently asked questions
                                                                    Can a company owned by a family be quoted?

                                                                    Yes, in most cases AIM companies are held by entrepreneurial families.

                                                                    Family control is the distinctive element that constitutes the Italian entrepreneurial fabric.

                                                                    Most of the AIM Italia companies were owned by families at the time of listing.

                                                                    Do you lose control of your company with the listing?

                                                                    No, to be listed on AIM Italia a limited share of free float (10%) is required.

                                                                    The family continues to control the company in most cases and the average free float in IPO is 23%.

                                                                    Can one manage one's own company without being influenced by third parties once listed?

                                                                    Yes, the majority shareholders define the strategy, but you must inform the market in good time of the choices that may affect the stock.

                                                                    Investors who specialise in investing in SMEs generally hold small units and have medium to long-term investment horizons.

                                                                    Can small and medium-sized companies be listed?

                                                                    Yes, the size of the turnover is not an admission requirement; the elements appreciated by investors are high growth rates, good profitability and a sustainable business plan in the medium to long term.

                                                                    At the time of the IPO, 50% of the companies listed on AIM Italia have a turnover of less than 10 million euros.

                                                                    The capitalization of companies listed on AIM Italia at the time of listing is between 10 and 100 million.

                                                                    Can SMEs on the stock exchange attract foreign institutional investors?

                                                                    Yes, you can easily access foreign channels and you can be the object of attention of international investors.

                                                                    Today, 76% of institutional investors in AIM Italia are foreign.

                                                                    Does the market price reflect the value of the company?

                                                                    The price is the combination of the credibility of the forecasts of the prospective results of the industrial plan communicated to the market, the interest of investors and the liquidity of the stock or the possibility of a frequent meeting between supply and demand.

                                                                    Costs

                                                                    The costs that the Issuer incurs for the listing process on AIM can be divided into three categories: fixed advisory costs, variable placement costs and annual fixed costs.

                                                                    Fixed costs

                                                                    They are a function of the company's structure, size and complexity and include the specific advice needed to assess the feasibility of the IPO and support the company in the process, including:
                                                                    • IPO Feasibility Study;
                                                                    • Financial Advisory costs for supporting the entrepreneur in the IPO process;
                                                                    • Due diligence (financial and business) and Admission Document by Nomad;
                                                                    • Opinion on the company's financial statements and Comfort Letter from the independent auditors;
                                                                    • Management of Financial Communication and Investor Relations by the financial communication and IR company;
                                                                    • Legal and fiscal due diligence;
                                                                    • Listing fees to Borsa Italiana and Monte Titoli.
                                                                    In figures:
                                                                    • AIM Italia Fees: 20,000 euro,
                                                                    • Nomad: 100,000 euro,
                                                                    • Financial advisor: 100,000 - 400,000 euro,
                                                                    • Independent auditors: 25,000 euro,
                                                                    • Law firm: 80,000 euro.
                                                                    Total: 300,000 - 800,000 euro

                                                                    The 2018 Budget Law approved a tax credit on 50% of the consultancy costs related to the IPO incurred for the listing of SMEs on the Stock Exchange until 31 December 2020, for a maximum of 500,000 euros per company.

                                                                    Variable Placement Costs
                                                                    These refer to the placement of the security on the market and are defined as a percentage of total capital raised (OPS + OPV).
                                                                    • Global coordinator: 4-5% of the IPO value,
                                                                    • Success fee (Financial advisor): 0.8-1.0% of capitalisation.
                                                                    Variable placement costs are excluded from the tax credit.

                                                                    Post-listing costs (annual):
                                                                    • AIM Italy: 12,600 euro,
                                                                    • Nomad: 40,000 euro,
                                                                    • Specialist: 35,000 euro,
                                                                    • Independent auditors: 15,000 euro,
                                                                    • Law firm. 10,000 euro.
                                                                    Total: 100,000 - 120,000 euro

                                                                    Issuers' regulation Aim italia
                                                                    Issuers' regulations of companies listed on the AIM Italia, issued by Borsa Italiana: 45 pages in pdf format.











                                                                    Aim Italia: guide for beginners (17 pages, Pdf format)