16th Sep 2013 10:05
LONDON (Alliance News) - Grafton Group PLC, the Irish building merchants, Monday said it had decided to move its main listing to the London Stock Exchange and cancel its listing in Dublin so that it can be included in FTSE indices.
The company's Irish listing currently prevents it being included in a FTSE UK index, but the company thinks its profile would be enhanced and it would attract more UK and international investors if it was included.
It thinks it will be included in a FTSE index from the next quarterly index review and will start trading in an index from December 20. It will also report in sterling from when it puts out its full-year results, and will pay its dividends in sterling from next March.
Grafton makes about three quarters of its revenue in the UK under brands including Selco, Buildbase and Plumbworld. It also has a dry mortar manufacturing business in the UK.
"The decision to move the listing responds to the new realities facing Grafton, including the significant changes in its shareholder base with the majority of the Group's shares now held by institutional investors outside Ireland, and will provide the Group with the platform from which to grow the business even further." Chief Executive Gavin Slark said in a statement.
Grafton shares were up 1.9% at EUR6.881 in London Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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