Tuesday, February 26 10:29:12
In another blow to the Irish equities market, business services support group DCC this morning said it is seeking admission to the London UK Index Series, and will delist from the Irish Stock Exchange.
With effect from the close of business on 3 May 2013, DCC's listing on the Official List of the ISE will be cancelled pursuant to ISE Listing Rule 1.6 and the trading of DCC's shares on the Main Securities Market of the ISE will cease pursuant to paragraph 4.13 of the ISE Admission to Trading Rules, it said.
The cancellation is not subject to the approval of shareholders.
Up until 3 May 2013, DCC's shares will continue to trade on the ISE in Euro. After this date, DCC's shares will be traded solely on the London Stock Exchange in Sterling.
DCC stressed that the changes will have no impact on the business operations of the company and it will remain incorporated, headquartered and tax resident in Ireland.
''These changes to our listing arrangements, index eligibility and reporting currency are a natural progression for DCC given the internationalisation of DCC's operations and shareholder base over the last number of years,'' commented the company's chief executive Tommy Breen.
''We also believe these changes will help increase awareness of DCC among the international investor community,'' he added.
DCC's decision is another blow to the Irish index, which has seen trading fall and big companies such as Greencore, United Drug and CRH move their primary listing on the back of Ireland's banking crash.