Lombard Medical says farewell to City as it heads for Nasdaq

 
David Hellier
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LOMBARD Medical Technologies, a Didcot-based medical device company focused on the treatment of aneurysms, yesterday announced its intention to seek a share listing in New York on the Nasdaq exchange.

The company, whose shares rose nearly six per cent yesterday on the AIM market on the news, has hired Jefferies and Barclays Capital to advise it on the change.

Jefferies took the Salford-based metals group Luxfer to a New York flotation in 2012, sparking off a debate about the future of the London market for flotations of fast-growing technology-based groups.

Since that time, the London new issues market has made a confident comeback and news of Lombard Medical’s move is likely to be shrugged off as a special case.

Yesterday Simon Hubbert, the group’s chief executive, said: “The proposed listing is in the best interests of shareholders as we seek to align our place of listing with the largest and most important market for the company’s products. A US listing will provide access to a larger pool of investors with a deep understanding of the healthcare market...”.

In the past 13 years, four technology companies have switched listings from the UK to New York. There are 49 US companies listed on AIM.