Marsh McLennan wants to delist in London
Marsh McLennan wants to delist in London | Insurance Business America
Insurance News
Marsh McLennan wants to delist in London
Administrative burden and costs “disproportionate” to the benefits
Insurance News
By
Terry Gangcuangco
US-headquartered Marsh McLennan, parent of broking giant Marsh, doesn’t think its UK listings on the Financial Conduct Authority (FCA) and the London Stock Exchange (LSE) are worth it.
In a release, the company said it has given notice of its intention to request the FCA to cancel the standard listing of Marsh McLennan’s ordinary shares on the regulator’s Official List and to request the LSE to cancel the admission to trading of the same shares on the Main Market for listed securities of the stock exchange.
Lifting the lid on its decision, Marsh McLennan noted: “Given that the majority of trading in the company’s securities occurs on the New York Stock Exchange (NYSE), being its primary listing, the company is of the view that the costs and administrative burden of maintaining such admissions to listing of the shares on the Official List and to trading on the Main Market of the LSE are disproportionate to the benefits of such admission.”
It is intended that the cancellation will become effective from 8am GMT on November 27, such that the last day of trading of the shares on the LSE would be on November 24. The primary listing on the NYSE, meanwhile, will be maintained.
Shareholders with questions in relation to the UK cancellation are advised to consult their broker.
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