Exodus from London continues as Kingspan shareholders okay delisting

(Alliance News) - Kingspan Group PLC said shareholders at an extraordinary general meeting on Thursday overwhelmingly approved the Irish company's delisting from the London Stock Exchange.

The Kingscourt, Ireland-based building materials supplier said 98% of votes cast at the EGM on Thursday were for the delisting.

Kingspan said it expects cancellation of its share from the London Main Market to take place on August 18, with the last day of dealings being on August 17.

Kingspan had announced the delisting plan back in April.

At the time, it said share dealings on the LSE were "negligible" as a percentage of its total trading. Kingspan, which also has American depositary receipts trading in New York, said it remains "committed" to its primary listing on the main market of the Euronext Dublin, where the majority of its share trading takes place.

Kingspan adds to a growing list of companies lost to the London market this year either from takeovers or delistings.

Last month, shareholders of Kingspan compatriot CRH PLC approved the move of the building materials firm's primary listing to New York from London. This will happen around September 25 and will result in CRH being removed from the FTSE 100.

Kingspan shares were down 1.8% at EUR70.54 in London on Thursday afternoon.

By Tom Waite, Alliance News editor

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