- Monday, March 03, 2025
By: Shubham Ghosh
Breedon Group plc last week announced its plan to move Breedon’s ordinary sales to not only the premium listing segment of the Official List but also to the trading on the London Stock Exchange’s (LSE) main market.
The purpose is to better reflect the group’s scale and growth ambitions, reported Agg-Net.
When Breedon assets were first acquired more than a decade ago, the company owned nearly 180 million tonnes of mineral reserves and resources besides operating 29 quarries in Britain.
Today, it owns one billion tonnes of mineral reserves and resources and operates more than 300 sites across Britain and Ireland, generating revenue worth almost £1.4 billion and giving jobs and opportunities for more than 3,500 people. It also generates £235 million in underlying EBITDA currently, the report added.
The group’s directors believe that the main market now offers the right listing for the group which has done well on various counts, including growth and cash generation, robust corporate governance and plans for further ambition and they seek admission to the premium segment of the Official List in the days to come.
The directors are of the opinion that the admission would boost Breedon’s corporate profile and recognition.
According to the Agg-Net report, the admission is expected to happen during the second quarter of the current year, subject to necessary conditions and regulatory approvals being fulfilled. Following the admission, the company’s shares will not be traded on Alternative Investment Market.
Breedon has also said that they do not plan to raise funds in connection with admission.
Amit Bhatia, non-executive chairman of Breedon, was quoted as saying by Agg-Net, “Being a member of AIM has served us well. For over a decade the AIM market provided us with access to diverse and engaged investors, within a supportive community that understands the needs of entrepreneurial businesses such as Breedon and we thank them wholeheartedly for their support.
“As an established business, with a track record for growth and value creation, we believe the main market now offers the appropriate listing for a company of our scale and heritage and, subject to the required approvals, look forward to our future as a member of the Official List.”
