United Drug to de-list from Iseq

Thu, Sep 6, 2012, 01:00

United Drug will delist from the Iseq index of shares next month to seek inclusion on the FTSE UK index, the latest blow to the Dublin market which has lost some big names during the financial crisis.

The healthcare services company said last month it was considering leaving the Iseq index and today confirmed it would do so on October 3rd.

United Drug, which has acquired five businesses outside Ireland since June, said it expected to be included on the FTSE all-share index after the close of business on December 21st.

"We believe that the changes will increase the group's attractiveness to a wider international investor base and are a natural progression for United Drug," chief executive Liam FitzGerald said in a statement.

"These changes will have no impact on the business operations of United Drug and United Drug will remain headquartered, incorporated and tax-resident in Ireland".

The move is another setback for the Dublin market which has seen trading volumes nosedive since the bank crash.

Building materials group CRH and drugmaker Elan have also moved their primary listings outside of Ireland in the last year.