Architectural group secures AIM listing
Yesterday’s admission price of 28.5p gave Metic a market capitalisation of around £15.7 million (€16.6m). It has also said it may consider a second listing on Dublin’s IEX market for small cap companies sometime during 2009, but that nothing had been decided upon yet.
Metic — which divides its operational activities between Dublin and its British base in Somerset, due to its high focus on that market — designs and constructs glass facades and roofs for buildings in both the public and private sectors.
Much of its business is carried out outside of Ireland — in Britain, the Middle East and the Caribbean. A major client is commercial property development group British Land — which used to own the St Stephen’s Green Shopping Centre in Dublin. In Ireland, Metic also designed and constructed the façade to the Gravity Bar at Guinness Storehouse in Dublin.
According to the group’s management, the business is well funded and has a strong business model.
The reason for the listing, therefore, is more to do with raising the brand’s visibility and profile in international markets.
Irish law firm, Mason, Hayes & Curran advised Metic on the flotation.
“We have, in a short time, built the leading buildings systems business in Ireland and Britain, in its chosen business sector.
“We’re now focused on accelerating growth internationally. Our AIM listing provides us access to international capital markets, which will provide additional support as we increase the scale and scope of our business,” commented Metic’s non-executive chairman, Philip Marley.
Mr Marley is also head of student accommodation specialist Ely Property, and is currently heading up a potential management buyout team aimed at acquiring the firm from its current parent, the support services group, Newcourt.
No further information about those negotiations was available yesterday.
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