WORTHINGTON GROUP PLC
Worthington Group plc ("the Company" or "Worthington")
25thSeptember 2014
FOR IMMEDIATE RELEASE
International Investment bank, Close Brothers, to dual list Worthington on the main market of the Frankfurt Stock Exchange
Further to Worthington's announcement of 22nd September 2014, the Company is now pleased to inform shareholders that Close Brothers Seydler Bank AG ("CBSB"), part of Close Brothers Group Plc the International Investment Bank, have agreed to arrange a secondary listing of Worthington shares on the Quotation Board of the Open Market of the Frankfurt Stock Exchange - the main market for overseas companies in Frankfurt. Trading in Worthington shares on the Frankfurt main market is expected to commence within the next four weeks.
Frankfurt is recognised as one of the world's most liquid stock markets for smaller fully listed companies. Market makers are required by German stock exchange regulations to ensure that they cover any short positons by acquiring shares in the Primary market. In Worthington's case, this would mean that any shares acquired by European investors, trading in Euros in Frankfurt, will need to be covered by matching purchases through the London Market in order to cover any short positions.
In keeping with Worthington's global ambition, the Company believes that it is invaluable for European investors to be able to trade Worthington shares, not only in Sterling in the UK, but also throughout Europe in Euros. Worthington is therefore delighted to have reached this agreement for CBSB to introduce Worthington to this key European Stock Exchange.
Commenting on the move, Doug Ware CEO of Worthington Group Plc said: "We are very pleased to partner with an investment bank with the international reach of Close Brothers Group Plc. We very much hope that this is merely the beginning of a long and fruitful relationship. It is also our intention for Worthington shares to be traded in the US in the first quarter of 2015. In this way, both international investors and international claimants (in respect of our legal claims business) will be able to trade Worthington shares in their local currency. We believe that, as our international activities rapidly expand, these secondary listings will help increase demand for, and therefore the liquidity of, Worthington shares".
About Worthington Group Plc ("Worthington")
Worthington (Stock Exchange LSE: WRN) is a British investment company which celebrates its 60th anniversary as a London Stock Exchange main market listed company this year. The company has four areas of investment focus: property, litigation claims, new economy and emerging markets. The Company believes that exceptional shareholder returns can be achieved by utilising its main market Sterling paper to acquire investments in these sectorsworldwide.
Note: Forward looking statements contained in this announcement, including descriptions of Worthington's litigation portfolio, legal claims (current and potential), strategy and plans, as well as expectations for future revenue and earnings, reflect Worthington's current views and assumptions with respect to future events and are subject to certain risks and uncertainties. There are many factors that may cause actual results achieved by Worthington to differ materially from expectations for future results. Such factors include risks related to litigation in general and the legal process, uncertainties related to the results of Worthington legal cases, including risks of delays or of failure of claims, macro-economic factors, domestic and international political risks, acts of God, environment and other risks, reputational risks, currency fluctuations and changes in contractual terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments and results may differ materially from the forward-looking statements contained in this announcement.
Enquiries:
Charlotte Parham, Media information Tel: +44 203 291 1872
or email: media@worthingtongroupplc.com
PD Cosec - Company Secretary Tel: +44 208 940 0963
Website: www.worthingtongroupplc.com
Statement ends.
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