29th Apr 2021 11:04
(Alliance News) - Travis Perkins PLC on Thursday said it has completed its share consolidation, after sealing the demerger of its DIY retailing arm Wickes.
Travis shares were consolidated at a ratio of 0.8925 of a new share for every one existing share. Shares in the builders' merchant were 8.6% higher at 1,536.20 pence each in London on Thursday morning.
The Wickes demerger on Wednesday ended a near two-year journey. Travis first announced plans to demerge Wickes back in July 2019.
The demerger process was put on hold for roughly a year in March 2020 to allow the FTSE 250 firm to focus on managing the Covid-19 pandemic. Earlier in March this year, Travis said it resumed the process.
This was on the back of Travis and Wickes showing "resilience" in the wake of Covid-19.
Wickes shares were trading 1.8% higher on Thursday at 268.70p.
By Eric Cunha; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Travis PerkinsWickes Group P.