DCC to move stock listing to London following review

DCC is moving its stock listing to London and cancelling its membership of the Irish Stock Exchange following a review.

The company said the decision to transfer to London was based on the increasing “internationalisation” of its business. Its shareholder base is becoming increasingly concentrated in the US and the UK.

The company said “the board believes [UK listing] is likely to increase awareness of DCC among the international investor community”.

The move is a blow to the ISE, which has seen Greencore, United Drug, and CRH also opt for a London listing over the past year.

In a statement, the Dublin exchange said: “The ISE rejects any suggestion that trading and listing on the ISE limits a company’s ability to attract international investment. DCC has achieved a 77% international institutional investor base, with a majority of its shares held by shareholders based in North America and the UK, from its current listing arrangements and by having the majority of its trading on the ISE (83%) compared to the LSE (17%).

“This is consistent with international statistics that show ISE-listed companies on average have a far higher percentage of foreign investors (67%) than their peers across many European countries, including the UK (40%).”

DCC will cease trading on the ISE at the close of business on May 3.

Chief executive Tommy Breen said: “The changes will have no impact on the business operations of DCC and DCC will remain incorporated, headquartered and tax resident in Ireland.”