Grafton Group to drop ISE listing for FTSE
Builders merchanting and DIY group Grafton is to drop its Irish Stock Exchange listing in favour of the FTSE UK Index Series.
The move, which had been expected, came following a review of the Woodies DIY owner’s listing initiated last month.
“The review was prompted by the fact that the group has achieved significant growth in scale and geographic diversification since its shares were originally listed on the Dublin and London stock exchanges.
“ Three quarters of the Group's revenue has for some time been generated in the UK and most of the group's development activity is taking place outside Ireland.”
It added that the shareholder profile of Grafton has changed significantly and the majority of the group's shares are now held by institutional investors located outside of Ireland.
The company’s year end results 2013 will be presented in sterling.