Pearl gets boost for premium LSE listing
By Myles Neligan |
January 1, 2010, Friday
|
Print Edition
Print Edition
INSURER Pearl Group said investors holding public warrants in the company had agreed to swap them for new shares, boosting its efforts to achieve a premium listing on the London Stock Exchange this year.
Pearl, whose main listing is currently on Euronext's Amsterdam exchange, plans to issue 3.9 million new shares in exchange for 21.8 million public warrants submitted by investors under a swap program announced earlier last month, the company said yesterday.
The swap scheme, which was for a maximum of 22 million warrants, will reduce the number of outstanding warrants in Pearl by more than two-thirds, removing a key obstacle to a premium London listing.
"This is an important step for Pearl Group in reducing the quantity of outstanding dilutive instruments and in preparing the group for a premium listing in London, which we hope to achieve in 2010," said Chief Executive Jonathan Moss.
Under the LSE's rules, only companies with outstanding dilutive instruments below 20 percent of total share capital are eligible for a premium listing.
Pearl is also pursuing unspecified "other options" to meet the criteria for a premium LSE listing, the insurer said.
Companies with a premium LSE listing must meet higher standards of regulation and corporate governance than those with a standard listing, and can enjoy a lower cost of capital as a result of higher investor confidence.
Pearl, which specializes in acquiring British insurers that are closed to new customers, became a public company after it sold itself to Amsterdam-listed cash shell Liberty Acquisitions in June last year as part of a refinancing deal.
Pearl, whose main listing is currently on Euronext's Amsterdam exchange, plans to issue 3.9 million new shares in exchange for 21.8 million public warrants submitted by investors under a swap program announced earlier last month, the company said yesterday.
The swap scheme, which was for a maximum of 22 million warrants, will reduce the number of outstanding warrants in Pearl by more than two-thirds, removing a key obstacle to a premium London listing.
"This is an important step for Pearl Group in reducing the quantity of outstanding dilutive instruments and in preparing the group for a premium listing in London, which we hope to achieve in 2010," said Chief Executive Jonathan Moss.
Under the LSE's rules, only companies with outstanding dilutive instruments below 20 percent of total share capital are eligible for a premium listing.
Pearl is also pursuing unspecified "other options" to meet the criteria for a premium LSE listing, the insurer said.
Companies with a premium LSE listing must meet higher standards of regulation and corporate governance than those with a standard listing, and can enjoy a lower cost of capital as a result of higher investor confidence.
Pearl, which specializes in acquiring British insurers that are closed to new customers, became a public company after it sold itself to Amsterdam-listed cash shell Liberty Acquisitions in June last year as part of a refinancing deal.
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