Business Irish

Tuesday 11 December 2018

UK's Scisys lists in Dublin as other firms eye Brexit move

'The UK's exit from the EU has thrown doubt over British-listed firms' access to European markets.' Stock photo: PA Wire/PA Images
'The UK's exit from the EU has thrown doubt over British-listed firms' access to European markets.' Stock photo: PA Wire/PA Images
Gavin McLoughlin

Gavin McLoughlin

British software business Scisys has been admitted to trading in Dublin, making it the first Brexit refugee to list on the Irish Stock Exchange.

And Euronext, the new owner of the exchange, said a number of other companies were considering a similar move.

Scisys non-executive chairman Mike Love said the company's decision to come to Dublin was "the final step in our Brexit contingency planning".

The UK's exit from the EU has thrown doubt over British-listed firms' access to European markets. Mr Love said Scisys wanted to "ensure that our business can continue our long-standing participation in both the UK and European markets.

"By complementing our UK listing with a European one on Euronext we will also have continued access to sterling and euro pools of capital in a post-Brexit environment."

The company provides IT and software services across a number of sectors including media and defence.

Euronext said it was "aware that a number of companies are considering Euronext Dublin post-Brexit".

"The combination of the Euronext pan-European offering and its position as the leading technology franchise makes it a very attractive choice for companies such as Scisys, and we are delighted that they have chosen to list with us.

"Euronext is well positioned as the only exchange who can provide companies with access to a single pan-European order book to attract euro pools of capital. While we can't predict how many companies will ultimately choose Euronext Dublin post-Brexit, given the similarities between the Irish and UK regimes we believe we offer the best pan-European solution, particularly for UK companies looking to complement their existing listing with a euro-based listing."

The Scisys deal follows a number of recent listings including Yew Grove Reit, edtech business VR Education, Greencoat Renewables and housebuilder Glenveagh Properties.

The deal to sell the Exchange to Euronext resulted in a windfall for the group of brokers who owned it beforehand: Davy, Goodbody, Investec, Cantor Fitzgerald, and Campbell O'Connor. Earlier this month Euronext said it was aiming to make €8m of savings at the Irish operation, with around 20 job cuts. Daryl Byrne has recently taken over as the exchange's boss, replacing Deirdre Somers.

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