Ireland-based own-label food maker Greencore is to cancel its listing in Dublin and seek a place on the London FTSE UK index series.
Greencore is looking to cease the Dublin listing on 20 January. The company, which this year acquired UK desserts and sandwich maker Uniq, said its business profile had changed and that the majority of turnover, operating profits and shareholders were now generated or located in the UK.
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In addition, Greencore said the majority of its shares are now held by overseas investors.
“Greencore’s board believes that FTSE UK index inclusion would result in a further increase in UK and international investor awareness of Greencore,” the company said.
The firm’s acquisition of Uniq was announced in July and completed in September, increasing the proportion of its activity in the UK.
In order to cease trading on the Dublin exchange, Greencore’s ordinary shares will be cancelled on the Irish Stock Exchange’s Main Securities Market on 20 January. From that point, its ordinary shares listed on the London Stock Exchange would trade in sterling rather than in Euro.
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By GlobalDataGreencore said it expects to be included in the FTSE All-Share and the FTSE Small-Cap Indices from the start of business on 19 March.
The cancellation is not subject to the approval of its shareholders.
