Monday, June 4, 2018

News: Harworth heading for premium listing

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Rotherham-based regeneration specialists Harworth Group plc has announced its intention to transfer to a premium listing on the London Stock Exchange (LSE) in a bid to boost its profile and attract new investors.

One of South Yorkshire's largest publicly listed companies and was created through the complex restructure of what was UK Coal. A specialist in brownfield regeneration, Harworth is one of the largest property and regeneration companies working in the North of England and the Midlands.

Harworth joined the Main Market of the LSE in 2015. Following a series of strong results, the firm, which is based close to its own Waverley development, said that it had "reached an appropriate stage in its development to undertake the transfer to the premium listing" and added that it "remains ambitious and growth-focussed."

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A premium listing means that a company must meet higher standards of governance and transparency, which are trusted by investors. It also provides the potential for inclusion in the FTSE UK series of indices which includes the FTSE 100, FTSE 250 and FTSE Small Cap indices.

In an update to the stock exchange, the firm said that the transfer would provide an appropriate platform for the continued growth of the company and further raise its profile and status, benefit shareholders, increase security for investors, and increase liquidity in shares due to larger number of institutional investors that trade in premium listed shares.

The focus has been on "beds and sheds" sectors and Harworth owns and manages a £400m+ portfolio of around 21,000 acres of land on around 135 sites.

Harworth continues to meet its target to grow EPRA net asset value (EPRA NAV) by at least 10% per annum. EPRA NNNAV per share was up 12.5% for 2017.

Harworth Group website

Images: Harworth

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