The company cited an “administrative burden” and costs that it deems “disproportionate” to the benefits of maintaining these listings.
In an official release, Marsh McLennan announced that it has notified the FCA of its intention to seek the cancellation of the standard listing of its ordinary shares on the regulator’s Official List. Simultaneously, the company will request the LSE to cancel the admission to trading of the same shares on the Main Market for listed securities.
Explaining the rationale behind the decision, Marsh McLennan stated, “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.”
The proposed cancellation is expected to take effect from 8 am GMT on November 27, with the last day of trading on the LSE set for November 24. Marsh McLennan affirms that its primary listing on the NYSE will be unaffected by this move.
Shareholders seeking further information regarding the UK delisting are advised to consult their brokers.
Author: Joanna England
