Ceres Power, one of the largest companies on AIM, jumps to the defense of the London Stock Exchange after a series of recent departures
One of the largest companies on AIM has thrown itself into the defense of the London Stock Exchange after a string of recent departures.
Ceres Power, which specializes in green energy technology, announced last week that it planned to move its listing to the LSE’s main market.
A range of companies, including building materials group CRH and chipmaker Arm, have unveiled plans to move their listing to — or float in — New York, rejecting the city.
Hands-on: Ceres Power announced it planned to move its listing to the LSE’s main market
But Ceres Power CEO Phil Caldwell said there would be a “danger of getting lost” in the US market, which is already crowded with technology companies.
He said London was still a “very attractive market” for the Sussex-based company and the government could do more to keep innovative companies in the UK by offering more green investment schemes.
Caldwell added: ‘For me personally it’s very important to be in the UK. It is a natural progression for us to move from AIM to main, to give us more international exposure and attract a larger pool of international investors.
Once Ceres Power – which has been listed on AIM since 2004 – enters the main market, it may become eligible to participate in the FTSE 250 in the autumn rebalancing of the main indices.
The company, which has nearly 600 employees, is already worth £567 million – bigger than Asos and CMC Markets.