RSM Tenon prepares for London Stock Exchange
AIM-listed accountancy firm RSM Tenon this week announced its intention to leave the Alternative Investment Market (AIM) and join the main London Stock Exchange at the end of May.
The firm formally announced its one month’s notice to leave AIM in a regulatory note issued at 7am on Wednesday 28 May. It added that it was applying for its shares to be admitted to the Offical List of the UK Listing Authority to start trading on the London Stock Exchange on 27 May.
RSM Tenon chief executive Andy Raynor explained the rationale behind the move to AccountingWEB.co.uk: “The process of getting there will be expensive, but I don’t think the costs are that significant. The effort will be worthwhile.”
The firm’s major shareholders have continued to push for the main market listing as a way to raise its profile and give greater liquidity of stock. “It’s a step towards establishing our credibility as a business turning over £225m-£250m a year,” said Raynor.
“Analysts believe within two years we’ll do £270m. Our scale warrants presence on main market and we’ll be greater beneficiaries from getting there. We will look to appoint a further non-executive director and we will have to provide more comprehensive information to shareholders on any transactions, but neither will affect the way we conduct our day-to-day business.”