DCC to leave Dublin Stock Exchange for London
Updated: Tuesday, 26 Feb 2013 18:06
Business services support group DCC has said it wants to seek admission to the London UK Index Series, following a review of its listing arrangements.
The company said this will entail the cancelling of its shares on the Irish Stock Exchange.
DCC's shares, currently traded on both the ISEQ and the London Stock Exchange, will halt its Irish listing in May and then trade only in sterling in London.
DCC also said that it will change its reporting currency from euro to sterling to reflect the fact that most of its group revenue and operating profits are now generated in the UK in sterling.
From the start of its new financial year on April 1, DCC will present its results in sterling. The company said the board believes this change will help to provide a clearer understanding of DCC's financial performance by more closely reflecting the profile of its operations.
DCC stressed that the changes will have no impact on the business operations of the company and it will remain incorporated, headquartered and tax resident in Ireland.
''These changes to our listing arrangements, index eligibility and reporting currency are a natural progression for DCC given the internationalisation of DCC's operations and shareholder base over the last number of years,'' commented the company's chief executive Tommy Breen.
''We also believe these changes will help increase awareness of DCC among the international investor community,'' he added.
DCC's decision is another blow to the Irish index, which has seen trading fall and big companies such as Greencore, United Drug and CRH move their primary listing on the back of Ireland's banking crash.