(Alliance News) - Alpha Group International PLC on Wednesday said it intends to apply for admission of its shares onto the Main Market in London and, in turn, cancel its listing on AIM.
The London-based financial services firm offering currency risk management, mass payments and cash management for corporates and institutions expects this to take place next month, no earlier than May 2.
Admission is not expected to be conditional on shareholder approval, and Alpha Group International said it will make a further announcement on the status of its application in "due course".
"Our business is growing in size, becoming more global, and gaining interest from increasingly larger clients. We believe that a Main Market premium listing will serve to further enhance our reputation and support our market penetration as we move into additional countries and engage larger clients," the company said.
Meanwhile, the company on Wednesday announced that on March 20, Alex Howorth, group managing director of FX Risk Management, sold 11,495 shares in the company at GBP17.40 each.
Alpha Group shares fell 1.0% to GBP18.82 each on Wednesday morning in London.
On Wednesday, Alpha Group also announced that pretax profit more than doubled in 2023 to GBP115.9 million from GBP46.8 million in 2022, alongside an 11% total dividend hike to 16.0 pence per share from 14.4p.
Further, it had appointed Jayne-Anne Gadhia as chair designate from May 1. She is set to replace current Chair Clive Kahn.
Gadhia was chief executive officer of Virgin Money UK PLC from 2008 to 2018, having been one of the founders of Virgin Direct in 1995. She then worked for US software-as a-service provider Salesforce.com Inc until 2021.
By Tom Budszus, Alliance News slot editor
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