Insurance and investments group Zurich is to terminate its secondary stock listing in London, concentrating its shares instead on the primary listing in Switzerland.
Zurich said in a statement that it intends to cancel its secondary listing of shares on the London Stock Exchange (LSE) from October 2, 2006. Zurich shares will continue to be listed on the SWX Swiss Exchange and traded on the ‘EU-regulated’ segment of virt-x (ticker symbol: ZURN). No material impact on the share price is expected as a result of the de-listing.
Low trading volumes of Zurich shares on the LSE have led to poor liquidity, which in turn has made it difficult for investors to obtain up-to-date market prices. The significant majority of trading in Zurich shares is conducted on the SWX Swiss Exchange using the virt-x trading platform, thereby ensuring up-to-date market prices and greater liquidity, the firm says.
Accordingly, Zurich believes that the costs associated with maintaining the secondary listing on the LSE are no longer justifiable.