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(Sharecast News) - Rosebank Industries said on Tuesday that it intended to transfer its listing from AIM to the Main Market of the London Stock Exchange, as it looked to broaden its investor base and support its next phase of growth.
The group said it planned to apply to the Financial Conduct Authority for admission of its entire issued share capital to the equity shares commercial companies category of the Official List, alongside a move to trading on the London Stock Exchange's Main Market.
Admission was expected to take place between 1 May and 31 May, at which point trading in the company's shares on AIM would be cancelled.
The board said the move represented a "natural progression" as the business scaled, with expected benefits including access to deeper pools of capital, a broader investor base and the potential for inclusion in the FTSE UK Index Series.
It said the transition was also expected to enhance share liquidity and raise the company's corporate profile.
Rosebank confirmed it did not intend to raise new funds or issue additional shares in connection with the move.
The proposed admission remained subject to regulatory approvals, including the FCA's approval of a prospectus and admission of the shares to trading on the Main Market.
Rosebank added that shareholder approval was not required for the transition and advised investors to consider the implications of the move, including the cancellation of AIM trading.
Investec Bank was acting as sponsor to Rosebank in relation to the proposed admission.
At 1001 BST, shares in Rosebank Industries were up 0.65% at 312p.
Reporting by Josh White for Sharecast.com.
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