Rosebank Industries plans to join Main Market from AIM in May

(Alliance News) - Rosebank Industries PLC on Tuesday said it plans to move its trading venue to the London Main Market from AIM in May, as part of a "natural progression".

The London-based takeover vehicle focused on industrial and manufacturing firms does not intend to raise additional funds in connection to the move, which it said could occur anytime between May 1 and 31.

Rosebank said the move to the Main Market will give it access to deeper pools of capital, broader investor base, and enhanced trading liquidity.

"The directors believe that a move to the Main Market is the natural progression for Rosebank as the group scales," the company said.

Rosebank earlier this month said it has agreed to buy two US companies, ASP MWI Holdings Inc and ASP CPM Holdings Inc, for more than USD3 billion in total. Last year, it bought St Louis, Missouri-based electrical manufacturing firm Electrical Components International Inc for USD1.9 billion.

The move to the Main Market makes Rosebank eligible to be included in the FTSE UK Index series. Rosebank has a market capitalisation of GBP3.04 billion, making it a shoe-in to join the FTSE 250 index and later the FTSE 100.

Investec Bank PLC is acting as Rosebank's sponsor in connection to the admission to the Main Market, Rosebank added.

Rosebank Industries shares were down 1.3% to 306.00 pence each on Tuesday morning in London.

By Martin Miraglia, Alliance News reporter

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