Marsh & McLennan Companies Inc. gave notice of its intention to delist from the London Stock Exchange.
Marsh & McLennan explained the action by saying that the majority of trading in the company’s securities occurs on the New York Stock Exchange as its primary listing. Therefore, the costs and administrative burden of maintaining its presence at the LSE are disproportionate to the benefits, the company continued.
To facilitate the delisting, the broker is notifying the UK Financial Conduct Authority that it wants to cancel the standard listing of the company’s ordinary shares on the FCA’s official list. In addition, it is requesting that the London Stock Exchange plc cancel the admission to trading of the shares on the main market for listed securities of the LSE.
At least 20 business days’ notice of an intended cancellation of a London listing is required, which should, therefore, become effective from 8:00 a.m. (GMT) on Nov. 27, 2023, with the last day of trading of its shares on the LSE being Nov. 24, 2023.
Following the cancellation of the London Listing, the company will continue to maintain its primary listing on the New York Stock Exchange.
The cancellation of the London Listing is expected to have limited impact for shareholders who hold their shares on the New York Stock Exchange. If shareholders have questions, the company recommends that they consult their brokers.
Source: Marsh & McLennan
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