Falcon Oil to list on stock exchange
THE Irish Stock Exchange has received a boost after a Dublin-based exploration company said it would take up a listing here before the end of the month.
Falcon Oil and Gas, which has assets in Australia, South Africa and Hungary, said it would seek a public listing on the Alternative Investment Market in London and the Enterprise Securities Market (ESM) in Dublin on March 28.
This is the second exploration firm to list in Dublin in recent months, following Fastnet Oil and Gas last summer.
The move is a fillip to the exchange, which has been rocked by a succession of companies either switching their primary listing to London or dropping their Irish quotation altogether.
In a statement, the exchange said it "welcomes Falcon Oil and Gas's announcement that it intends to join the ESM.
"The ESM is the ISE's market for growth companies and offers companies such as Falcon Oil and Gas a strong platform to develop a higher profile among Irish and international investors", it added.
Falcon, which is chaired by former Cove Energy boss John Craven, raised some $25m (€18m) in a private placement led by Davy Stockbrokers, most of which will be used to pay down debt and for M&A activity.