News Column

Japan Residential And Quindell Seek To Move To London Main Market

June 9, 2014

Samuel Agini

LONDON (Alliance News) - Japan Residential Investment Co Ltd Monday said it wants to move from AIM to a premium listing on the London Stock Exchange's main market, as it looks to raise its profile and become more appealing to a broader range of investors.

"The company aims to grow its capital base further to create greater economies of scale and improved liquidity in the underlying shares, whilst enabling the fund to take advantage of earnings accretive acquisition opportunities," said Japan Residential, whose shares were Monday quoted up 0.5% at 59.17 pence.

It is also looking to continue its strategy of selling off non-core assets and reinvesting the proceeds into select, high quality properties to boost its net asset value and earnings growth.

Meanwhile, Quindell PLC, which has been targeting a move from AIM to a premium London listing, said Monday it is working alongside its advisors to achieve the move "as soon as practicable". Quindell said it will issue a further update on progress and timing prior to or on June 19, the scheduled date of its annual general meeting.

Quindell shares came under pressure in April, after US short-selling firm Gotham City Research issued a scathing report on the telecommunications and insurance outsourcer.

Quindell shares were Monday quoted at 18.50 pence, down 3.9%. The stock has traded between 7.91p and 45.50p in the past 52 weeks.

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Source: Alliance News

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