Latest news with #delisting
Telegraph
3 days ago
- Business
- Telegraph
FTSE pharma giant joins London stock market exodus
A £1.1bn drug company is to quit the London Stock Exchange (LSE) as the troubled market battles an exodus of businesses. Indivior, which makes opioid addiction treatments, has announced plans to delist in London and focus solely on New York. The company said the move reflected the fact that most of its investors and business were in the US, adding that the depth of the market on Wall Street 'far outweighs' London. It is a fresh blow for the London Stock Exchange, which has been battling to stop an exodus of businesses either to the US or into private hands. The market has also struggled to attract new listings to replace those that have left, leaving it shrinking. In total, 88 companies left the London Stock Exchange last year in the biggest flight from the UK's main market since the financial crash. More broadly, the number of companies listed on the London Stock Exchange has fallen by 40pc since 2008. Indivior was spun out of Reckitt Benckiser, the British consumer goods giant known for Dettol and Durex, in 2014. A member of the FTSE 250, Indivior is best known for its drug Suboxone, which is used to treat addiction to opioids such as heroin. The company said 80pc of its sales now come from America, reflecting both the size of the market and the legacy of the opioid crisis that has ravaged the US. The drug company has been listed on the London stock market since its demerger but acquired a secondary listing on New York's Nasdaq exchange in 2023. New York became its primary listing a year ago. David Wheadon, Indivior's chairman, said: 'A single primary listing on Nasdaq best reflects the profile of Indivior's business.' Over 70pc of its shareholders are now based in the US and 75pc of trades in its shares are carried out on the Nasdaq exchange, the company said. It added: '[The delisting] recognises that liquidity on Nasdaq now far outweighs liquidity on the LSE.' The company said the exit would help it cut costs by ending the complexity of maintaining two listings. The shift follows an overhaul of Invidior's top management in February following pressure from activist investor Oaktree Capital Management. Oaktree accused the company's management of 'doubling down on a failing strategy, ignoring competitive threats and allowing costs to spiral'. Dozens of businesses have moved their listings from London to New York in recent years, including gambling giant Flutter and construction equipment business Ashtead.
Daily Mail
3 days ago
- Business
- Daily Mail
Blow to City as pharma group quits London after share price plunge
Indivior is set to delist from the London Stock Exchange after a sharp decline in the value of its shares and a management shake-up earlier this year. The pharmaceutical group, known for its opioid addiction treatments, said on Monday it would cancel its secondary listing on the LSE at the end of July and maintain a primary listing on the Nasdaq. Indivior, which switched its primary listing from the UK to the US last year, told investors the decision to quit London would help cut costs. The firm also took aim at London's weak liquidity and trading volumes, and high administrative costs relative to the New York exchange. Indivior floated in London after being spun-out from Reckitt Benckiser in 2014, with its share price rocketing from 725p to 2,450p by June 2018. However, shares have slumped more than 60 per cent from their peak, trading at 944.5p at Friday close. Indivior also said a solo primary listing better reflects the fact it generates more than 80 per cent of net revenues in the US, which is also home to around 70 per cent of its investors. Shares will cease trading in London after roughly 40 business days, with the delisting pencilled in from 8am on 25 July. The decision comes just months after Indivior overhauled its management, with the group appointing David Wheadon as chair and Joe Ciaffoni as chief executive. Wheadon said on Monday the decision to delist from London was a 'key milestone for Indivior'. He added 'We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.'
Associated Press
3 days ago
- Business
- Associated Press
SolGold PLC Announces Voluntary Delisting from Toronto Stock Exchange
BISHOPSGATE, LONDON / ACCESS Newswire / June 2, 2025 / SolGold plc (LSE:SOLG)(TSX:SOLG) announces that it has applied for a voluntary delisting of its ordinary shares from the Toronto Stock Exchange (the 'TSX'). The delisting is intended to be effective as of the close of trading on June 18, 2025. The ordinary shares in the Company will continue to trade on the Main Market of the London Stock Exchange (the 'LSE') under the symbol 'SOLG'. Since SolGold obtained its TSX listing in 2017 to April 30, 2025, while daily trading activity in the Company's ordinary shares on such exchange increased somewhat, it only accounted for less than 3% of the aggregate trading volume on both platforms. As a result of these relatively low trading volumes on the TSX, the Company believes that the financial costs and administrative requirements associated with maintaining its TSX listing are no longer justified. Shareholder approval is not required for the delisting because the Company's ordinary shares trade on the LSE, which is an acceptable alternative market in accordance with Section 720(b) of the TSX Company Manual. Additional Information for Shareholders on SolGold's Canadian Registrar Following the delisting from the TSX, Canadian shareholders holding shares with their broker ('CDS participant') and wishing to trade their shares on the LSE will need for such shares to be made eligible to be transferred and settled through CREST, the United Kingdom ('UK') based share transfer and settlement system. CDS participants may initiate instructions to Computershare Trust Company of Canada ('Computershare') via its xSettle web service. Shares cannot be transferred and settled through CREST until a shareholder's CDS participant broker or the shareholder initiates a cross-border request. If the shares are held in certificated or Direct Registration form, as applicable, shareholders may instruct Computershare to arrange for the shares to be held by a CREST participant broker. This can be done by completing a 'Register Removal Request - Canada to United Kingdom' form, with valid CREST participant account details, and submitting such form to Computershare via email at [email protected]. For any questions on this process please contact Computershare's global transaction unit by phone at +1 (877) 624-5999. The Company intends to maintain CDS eligibility for its shares until July 18, 2025 in order to allow Canadian shareholders time to complete the process contemplated above. CONTACTS ABOUT SOLGOLD SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders. See for more information. Follow us on X @SolGold_plc. CAUTIONARY NOTICE News releases, presentations and public commentary made by SolGold plc (the 'Company') and its officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company's plans to delist its ordinary shares from the TSX and the timing thereof, interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements. Accordingly, the reader should not rely on any interpretations or forward-looking statements, and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances. This release may contain 'forward looking information'. Forward looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward looking information can be identified by the use of forward- looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis. SolGold plc UK Company No. 5449516 ARBN 117 169 856 Email: [email protected] Website: Corporate Postal Office: PO Box 7059, Cloisters Square PO, Perth, WA 6850 Australia Registered office: 1 Cornhill, London, EC3V 3ND, UK Phone: +44 (0) 20 3807 6996 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit SOURCE: SolGold PLC press release
The Independent
3 days ago
- Business
- The Independent
Drug maker Indivior to delist its shares from London Stock Exchange
Indivior, a pharmaceutical firm specializing in opioid addiction treatments, plans to delist from the London Stock Exchange (LSE) on July 25, following its primary listing move to the US's Nasdaq index last year. The company cites reduced costs and complexity, along with the fact that over 80% of its revenue is generated in the US, as reasons for the delisting. Indivior also noted that liquidity on the Nasdaq now significantly surpasses that of the LSE, with a greater level of trading activity. Indivior 's chairman, David Wheadon, stated that a single primary listing on Nasdaq best reflects the profile of Indivior 's business. Despite Indivior 's exit, the LSE welcomes Valterra Platinum, Anglo American's platinum spin-off, after becoming independent from the mining giant.
The Independent
4 days ago
- Business
- The Independent
Drug maker Indivior to abandon London stock market for the US
Drug maker Indivior has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US. However, the LSE welcomes Anglo-American's platinum spin-off Valterra after becoming independent from the mining giant. Indivior's exit comes after the company moved its primary listing to the US's Nasdaq index last year. It said cancelling the secondary listing in London eliminates 'cost and complexity' and better reflects the business – with more than 80% of its revenues generated in the US. It also said liquidity on the Nasdaq now 'far outweighs' that of the LSE with a greater level of trading. The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2 billion. 'A single primary listing on Nasdaq best reflects the profile of Indivior's business,' chairman David Wheadon said. 'We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.' The LSE faced the largest exodus of companies since the global financial crisis in 2024, according to EY analysis. There were 88 companies to delist or transfer their primary listing from the main market – the most since 2009. At the same time, the LSE struggled to attract as many new companies to fill the gaps – with 18 new listings in total last year. Nevertheless, Indivior's exit, which will take effect from July 25, comes as Valterra Platinum makes its debut on the London market. Anglo American spun off its platinum business into the new entity, which has become the world's most valuable producer of the metal. Valterra will have its secondary listing on the LSE, with its primary on the Johannesburg Stock Exchange. Duncan Wanblad, Anglo American's chief executive, said: 'Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimise its value creation prospects on an independent path – it's an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry.'
