8 March 2023
BREEDON GROUP PLC
Intention to move from AIM to the Premium Segment of the Official List
and to trading on the Main Market
To reflect our scale, maturity and growth ambitions, Breedon Group plc (“Breedon”, the “Group” or the “Company”) today announces its intention to move Breedon’s ordinary shares to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange (“Admission”).
In 2010, when the Breedon assets were first acquired, we owned c.180 million tonnes of mineral reserves and resources and operated 29 quarries in Great Britain. Today we own one billion tonnes of mineral reserves and resources and operate over 300 sites across GB and Ireland. We generate nearly £1.4bn in revenue and £235m of Underlying EBITDA, providing employment and opportunity for 3,700 colleagues.
As an established business, with a track record for growth and cash generation, robust corporate governance and ambitions for further expansion, the Directors believe the Main Market now offers the appropriate listing for a group of our scale and heritage; accordingly we intend to seek admission to the premium segment of the Official List in the coming months.
The Directors consider that Admission would further enhance Breedon’s corporate profile and recognition, as well as extending the opportunity to invest in the Group to index tracker funds and a broader group of international institutional shareholders.
Subject to the necessary conditions and regulatory approvals being met, Admission is expected to occur during the second quarter of this year.
Breedon does not intend to raise funds in connection with Admission.
As part of Admission, the Directors intend to establish a new holding company incorporated in England (“New Breedon”) and undertake a share consolidation to reduce the absolute number of shares in issue. A general meeting of the Company will be called to approve these actions in due course.
Shareholders should note that the Company’s shares will no longer be traded on AIM with effect from Admission and should take their own financial and taxation advice regarding the consequences of Admission.
Breedon will make a further announcement on the status of the proposed applications for Admission and the timeline for Admission in due course.
Amit Bhatia, Non-executive Chairman of Breedon, commented:
“Being a member of AIM has served us well. For over a decade the AIM market provided us with access to diverse and engaged investors, within a supportive community that understands the needs of entrepreneurial businesses such as Breedon and we thank them wholeheartedly for their support.
“As an established business, with a track record for growth and value creation, we believe the Main Market now offers the appropriate listing for a company of our scale and heritage and, subject to the required approvals, look forward to our future as a member of the Official List.”
| ENQUIRIES: | |
| Breedon Group plc | +44 (0) 1332 694010 |
| Rob Wood, Chief Executive Officer | |
| James Brotherton, Chief Financial Officer | |
| Louise Turner-Smith, Head of Investor Relations | +44 (0) 7860 911909 |
| Moelis (Financial Adviser to Breedon) | +44 (0) 207 634 3500 |
| Mark Aedy, Daniel Muldoon, Andrew Welby | |
| Numis (Sponsor, NOMAD and joint broker) | +44 (0) 20 7260 1000 |
| Ben Stoop, Oliver Hardy (NOMAD) | |
| HSBC (Joint broker) | +44 (0) 20 7991 8888 |
| Sam McLennan, Joe Weaving | |
| MHP (Public relations adviser) | +44 (0) 20 3128 8193 |
| Reg Hoare, Rachel Farrington, Charles Hirst | breedon@mhpgroup.com |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).