Greencore ends its 20-year ISEQ listing in advance of FTSE move
Published 24/01/2012 | 05:00
GREENCORE has delisted from the Irish Stock Exchange, ending a 20-year spell as a key component of the Dublin market.
The company is leaving the ISEQ Index, at least temporarily, as it seeks full admission to the much bigger London Stock Exchange (LSE).
The move, which was announced by the ready meals maker last year, will take about two months to complete.
Greencore is expected to join the FTSE All Share and FTSE Small Cap indices no later than March 20.
As part of the entry process, Greencore has to delist completely from the ISEQ at least temporarily in order to fulfil LSE liquidity requirements, and may rejoin in the future. No date has been set for when that might happen, however.
Alan Breen, of Goodbody Stockbrokers, confirmed the move will not affect shareholders here who will be able to continue to trade their securities in the normal way.
"As long as retail shareholders have a valid certificate they will be able to trade their shares in the normal process through their broker," he said.
Between now and when Greencore gets its main listing in the UK, the company will continue to trade on the London Main Market, where it has had a secondary listing for a number of years.
The move ends Greencore's presence on the Irish exchange after more than 20 years. The company went public in 1991 after taking over from Irish Sugar.
The change is the latest in what has been a tumultuous 18 months for the Patrick Coveney-led company, which has been at the heart of corporate intrigue for most of that time.
In October of 2009, Greencore announced plans to merger with Northern Foods only to ultimately lose out on the deal to UK chicken magnate Ranjit Boparan following a protracted bidding process.
Greencore pulled out of the running for Northern in March last year and turned its attention to a tie-up with the UK sandwich and chilled foods maker Uniq, which cost Greencore close to €138m. That deal seemed to put an end to speculation around the company, only for Greencore to announce in November that it had been approached by an unnamed firm, believed to be the private-equity giant Clayton Dubilier & Rice, about a possible takeover. Those talks eventually broke down, however.
Greencore reported strong results last month but some analysts have raised concerns about the concentration on the UK retail sector, which has been decimated by the downturn.
In London, Greencore closed yesterday up 7pc at 56.5p.