The Ceres Power Holdings plc (LON: CWR) share price rose 4.94% after issuing a notice about its proposed listing on the London Stock Exchange plc's main market for listed securities by being promoted to the premium listing segment of the Official List maintained by the Financial Conduct Authority (FCA).
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Investors cheered the news, given that Ceres was admitted to the AIM in 2004 and had been trading on the segment since then. However, the company has since become a global leader in fuel cell and electrochemical technology and could use the premium listing.
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Being listed on the LSE’s main market would create more opportunities for the company over the long term by further enhancing its profile on the international stage and making an investment in Ceres more accessible to more potential international investors.
The company’s admission to the LSE’s main market is expected from 29 June 2023, 20 business days from today, as the listing rules require. The company's admission is also subject to the FCA accepting its prospectus and granting its admission request.
The company’s shares must also be cancelled from the AIM so they can be listed by the LSE on the main market by the date stipulated above. Therefore, the company issued a notice of its intention to cancel the trading of its ordinary shares on the AIM, according to Rule 41 of the AIM rules for companies.
Ceres Power clarified that it did not need shareholder approval to affect the listing change from the AIM to the main market and premium segment. Admission will be conducted by introducing the existing ordinary shares, and Ceres does not intend to raise any funds.
Ceres Power’s CEO Phil Caldwell said: “Over 20 years, Ceres has grown to become one of the UK's most important clean energy technology companies. As a Board, we believe the time is right to take our next step to a Premium Listing and the UK's highest standards of regulation and corporate governance, reflecting our growth in international partnerships, our widening investor base and the ambition for our technology to play a vital role in decarbonising the global energy system.”
*This is not investment advice.
Ceres Power share price.
The Ceres Power share price edged 4.94% higher to trade at 295.20p, from Wednesday’s closing price of 281.30p.
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