Ireland's largest hotel operator, Dalata Hotel Group plc, has announced plans to move the listings for all of its issued share capital.
The board feels that the hotel group has grown and matured over the past few years so joining the main market of the London Stock Exchange is the most appropriate platform for their future development.
By being listed on this market, its hoped that it will boost Dalata's profile and potentially increase the liquidity of trading in its securities, thus reaching a wider group of investors.
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Dalata are currently drawing up a prospectus in anticipation for their admission into this market. However, there will be no admission before 30 June 2016. The hotel group has stated that it will not be raising any funds or issuing any new shares in connection with entering this market.
Pat McCann, Chief Executive of Dalata (pictured) commented “Our listings on the Alternative Investment Market (AIM) and Enterprise Securities Market (ESM) have served us well in accessing capital markets to develop our strategy to grow our portfolio of owned and leased hotels at an opportune time in the Irish Market.
"Given the considerable growth of the business both financially and operationally we believe that a listing on the Main Markets is the most appropriate platform for our future development.”
Dalata's most recent move in the hotel market was buying the site of the former Myra Glass for €8.1 million, where it will develop a new 137-bedroom Maldron Hotel.