Irish

Sunday 13 July 2014

Greencore to give ISE a shot in the arm with re-list plan

Peter Flanagan

Published 05/02/2013|04:00

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GREENCORE is likely to rejoin the Irish Stock Exchange (ISE), in a move which would be a huge boost to the embattled market.

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The readymeal-maker quit the Dublin market a year ago so that it could seek a full listing in the London market.

At the time of its delisting, the company said it hoped to get a secondary listing here at some point but refused to put a timeframe on when it could happen.

Now, however, it seems the company will look for a secondary listing on the ISEQ Index sooner rather than later.

While Greencore management have not yet formally decided on whether to seek a new listing, there is believed to be strong support to do so.

Despite making almost all its money outside Ireland, being listed in London and reporting its results in sterling, the former Irish Sugar company retains many investors on the island.

Former suppliers to Greencore's sugar business in particular have a strong interest. On the institutionals side, Irish Life Investment Managers holds around 1.5pc of the company, while Allied Irish Banks and Goodbody Stockbrokers also have significant holdings.

Boost

The news that Greencore is likely to return to Dublin is a shot in the arm for the Anglesea Street exchange, which has been hit by several companies either going under or switching their main listing away from the stock market here.

Apart from last year's listing by Fastnet Oil & Gas, few companies have sought to go public here since the bust, while former staples of the market such as the banks and construction stocks have been decimated.

CRH, the biggest firm on the market, moved its main listing to London, while others are believed to be willing to follow if the market here continues to deteriorate.

ISE chief Deirdre Somers has gone on a PR offensive in recent months to try to attract companies to the market, arguing that start-up firms should look at a flotation as an alternative to selling their company.

Ms Somers wants the Government to consider listing state assets rather than just sell them off, while she has also called on the Government to do more to encourage firms to seek a public offering.

Irish Independent

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