Abbey to move Irish and UK listings

House-builder Abbey is to move its listing from the Official List of the Irish Stock Exchange to the Developing Companies Market of the Irish Stock Exchange, the company announced this morning.

In the UK, the company is moving from the Official List of the UK Listing Authority to the Alternative Investment Market of the London Stock Exchange.

Abbey said it expects the listings to be cancelled and the admission to the DCM and AIM to become effective from November 16.

"After careful consideration and wide consultation, the board of Abbey has concluded that the AIM together with the DCM are the most appropriate markets for its shares," a statement from the company said, adding that: "The AIM is a fast growing market focussed on growing companies."

The company also said it would need to be open to risks in the period ahead to remain competitive.

"Fast-evolving new homes markets in Britain and Ireland may emphasise the risks more than the opportunities in the next few periods," Abbey said today.

"New markets in Central Europe combine risks with opportunities. A higher degree of risk-taking than in the recent past with its attendant volatility of returns will be necessary if we are to match within the next 10 years our results over the last 10.

"The Directors believe that a financial market geared towards investors with a commitment to growth notwithstanding a potentially higher risk exposure is the right home for Abbey."