Groupe Eurotunnel announced today that it is transferring its admission to trading from the London Stock Exchange to NYSE Euronext London. Eurotunnel will become the first company admitted to trading on NYSE Euronext London.
Eurotunnel’s admission to the Official List will be unaffected:
“It is expected that Company’s ordinary shares of €0.40 each (the “Shares”) will be admitted to trading on NYSE Euronext London on 19 July 2012 and its admission to trading on the LSE will be cancelled on 20 July 2012. There will be one day of overlap during which the Shares will be admitted to trading on both the LSE and NYSE Euronext London to ensure continuous admission to the Official List of the UK Listing Authority (the “Official List”).”
Eurotunnel’s stated reason for the switch is that it ”is expected to consolidate and enhance liquidity, lower costs and facilitate access to capital markets by delivering harmonized cross-border trading, dealing and settlement in Europe”.
NYSE Euronext takes a swipe at the London Stock Exchange in its accompanying announcement:
“Admission to trading on NYSE Euronext London will allow Groupe Eurotunnel to benefit from improved liquidity and direct, convenient access to a broad investor base across Europe, thanks to the strength and visibility of NYSE Euronext’s European markets. In addition, the transfer offers investors a single trading platform with Groupe Eurotunnel being traded on NYSE Euronext’s single order book, at a single price (in euros).
NYSE Euronext has a longstanding and respected presence in the UK market through NYSE Liffe, its highly successful international derivatives exchange. This presence is expanded by NYSE Euronext London which provides international and domestic issuers with additional choice when listing in London and direct access to one of the largest global trading pools, whilst also offering investors an attractive and unique entry point to its markets.
“This is a significant and exciting new chapter for the two companies and we are delighted to welcome Groupe Eurotunnel as the first company to be admitted to trading on NYSE Euronext’s London trading venue,” said Dominique Cerutti, President & Deputy Chief Executive Officer, NYSE Euronext. “Groupe Eurotunnel will immediately benefit from our leading position in the European cash markets and gain access to a deep and liquid investor base from the UK, Eurozone, and global investor community. Webelieve that we are offering a superior alternative to companies wishing to list here thanks to the strength and visibility of our global brand.”