Wednesday 23 August 2017

Greencore switches to pence from cent

Peter Flanagan

Peter Flanagan

GREENCORE'S march to a full listing on the London Stock Exchange moved closer yesterday after the company changed the denomination of its ordinary shares from euro to sterling.

In a statement to the stock exchange, Greencore said the switch of its ordinary shares from one euro cent to one sterling pence would go ahead with an effective date for trading purposes next Monday.

This is the latest in a number of moves the company has made in preparation for its entry to the FTSE 600, expected before the end of March.

In December, Patrick Coveney's company changed its reporting currency to sterling and last month it delisted from the Irish Stock Exchange. Greencore hopes to relist in Dublin eventually.

The ready-meals maker is seeking a full UK listing so it can have greater access to investment as part of a much bigger exchange. The vast majority of Greencore's revenue comes from the UK while its €139m takeover of the English frozen foods firm Uniq cemented its place as one of the biggest ready-meals makers in Britain.

In London, Greencore closed down 0.76pc at 65p.

Irish Independent

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