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PLUS Markets Group is delighted to announce that Mears Group PLC (“Mears”) has chosen to dual list its securities on the PLUS-listed market when it moves from AIM to the Official List on 23 June 2008. Mears has a market capitalisation in excess of £200 million and is a leading provider of outsourced services to the social housing and domiciliary care markets in the UK.
Mears has long benefited from access to the additional pool of liquidity available on the PLUS market as an AIM quoted company dual-trading on PLUS. In the year to date, PLUS represented some 10% of the total trading activity in Mears shares. Now that PLUS can offer access to a European compliant Regulated Market for companies seeking admission to the Official List – as part of its wider offering as a Recognised Investment Exchange - Mears intends to continue benefiting from its association with PLUS via a dual-listing.
Since increased competition was introduced to the UK trading environment by MiFID in November 2007, PLUS has seen a dramatic increase in transaction volume as brokers and market makers choose to execute trades on PLUS more cost effectively away from the traditional venues. On the back of this success, PLUS is introducing competition to the UK full listing environment for the first time ever.
Companies seeking access to the deepest pool of capital through an Official Listing in London can now manage their costs more effectively by having a choice of listed markets. This means that companies who list on London's Official List can now choose the exchange to which their shares are admitted to trading and can decide to be admitted to the PLUS-listed market, to the London Stock Exchange’s Main Market, or to be dual listed on both.
Simon Brickles, Chief Executive Officer of PLUS Markets Group plc, said: “We are delighted to welcome Mears as the first company to realise the benefits of competing exchanges offering access to the Official List in London, by choosing to dual-list on PLUS.”
Bob Holt, Chairman of Mears, said: “By choosing to dual-list on PLUS, we seek to maximise the benefits of our move to the Official List, giving us the greatest profile and investor coverage available in London.”
