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United Drug to leave ISEQ for FTSE

Thursday, September 06 10:14:39

In another blow to the depleted Irish stock exchange listings, healthcare services company, United Drug, today said it plans to delist from the ISEQ index of shares next month and move to London's FTSE.

In a statement today, it said that the group has significantly grown its international operations and has seen a substantial increase in the presence of international investors on the company's share register.

Its interim management statement of 14 August 2012 said it had been reviewing the listing arrangements for shares in United Drug in line with the Company's ongoing strategy to increase its international presence.

"The Board believes that FTSE UK index inclusion would result in a further increase in international investor awareness of United Drug and is therefore in the best interests of the Company and its shareholders as a whole. The Company anticipates that if shares in United Drug were only listed on the London Stock Exchange (LSE) they should be eligible for the FTSE UK Index Series, provided the Company maintains the Premium Listing of its Ordinary Shares on the LSE and that there is adequate trading liquidity of the Company's shares on the LSE," it said today.

Building materials group CRH, food firm, Greencore and drugmaker Elan have also moved their primary listings outside of Ireland in the last year.