Virgin Media to be listed on London Stock Exchange
Posted by Simon Day on September 29, 2009 at 6:34 AM
Media giant Virgin Media confirmed it will soon be listed on the London Stock Exchange, Guardian.co.uk reported Monday.
The company plans to make its first appearance on the London market when trading opens at 8 a.m. on Thursday.
However, Virgin's primary listing will remain on New York's Nasdaq exchange. The move recognises that the company is both commercially and physically focused in the United Kingdom and will facilitate British and European investment in the company as shares can now be purchased in pounds sterling.
However, Virgin's primary listing will remain on New York's Nasdaq exchange. The move recognises that the company is both commercially and physically focused in the United Kingdom and will facilitate British and European investment in the company as shares can now be purchased in pounds sterling.
Virgin is worth more than US$4 billion on the Nasdaq, however this primary listing precludes the company's almost certain inclusion in the FTSE 100 index of the UK's top listed companies.
The Nasdaq listing was carried over from the merger of cable firm NTL, and two further companies that became Virgin Media, Reuters explained on Monday. The new listing will not see any new shares issued but allow current shares to be bought and sold on the London market through depository interest notes.
The Nasdaq listing was carried over from the merger of cable firm NTL, and two further companies that became Virgin Media, Reuters explained on Monday. The new listing will not see any new shares issued but allow current shares to be bought and sold on the London market through depository interest notes.
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