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(Alliance News) -Â Active Energy Group PLC on Tuesday said it has filed an application for its shares to be cross-traded on the OTCQB Venture Market in the US.
Shares in the biomass-based renewable energy business were up 11% in London to 1.06 pence in morning trade.
Should the application be successful, the cross-trading facility will be provided through OTC Markets Group Inc, located in New York.
The move would make Active Energy shares more widely available to North American investors, it said, and would have no impact on the trading of shares on London's AIM. No new shares will be issued as part of the cross-trade.
Active Energy will continue to rely on the announcements and disclosures it makes to the London Stock Exchange and will have no Sarbanes-Oxley or US Securities & Exchange Commission reporting requirements.
"Trading on the OTC markets will enable AEG to more easily access a US investor base and enhance our visibility in North America, where many of our potential customers are based. Dual trading on the OTC markets represents an important development for the company as we continue to execute our growth strategy," said Chief Executive Michael Rowan.
By Lucy Heming;Â lucyheming@alliancenews.com
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