Pearl gets closer to 'premium' listing
The group, which specialises in buying up closed life funds, said more than 99 per cent of warrants that could be exchanged have been traded for shares.
Overall, 21.8 million public warrants have been submitted, leading to just under 4 million new shares in the company being issued.
Advertisement
Hide AdAdvertisement
Hide AdThe move, which reduces the number of outstanding warrants in Pearl by more than two-thirds, removes a key obstacle for the company to have a "premium" listing in London later this year.
Chief executive Jonathan Moss said: "This is an important step for Pearl in reducing the quantity of outstanding dilutive instruments and in preparing the group for a premium listing in London, which we hope to achieve in 2010.
"We are delighted that the response from warrant-holders to the exchange invitation was so strong, at over 99 per cent of the maximum that we could have accepted."
The LSE has introduced premium and standard listings to replace the primary and secondary categories that were previously used.
Advertisement
Hide AdAdvertisement
Hide AdCompanies with a premium listing must meet higher standards of regulation and corporate governance than those with only a standard listing.
One of the requirements for a premium listing is that so-called dilutive instruments issued by the company must not exceed 20 per cent of the issued equity share capital of the group.