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Friday, August 12, 2022

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Barloworld cancels secondary listing in London Stock Exchange, stays on JSE

Barloworld says it has cancelled its shares on the London Stock Exchange on October 1, 2021 due to the limited trading and liquidity of the ordinary shares on the exchange.

Barloworld says it has cancelled its shares on the London Stock Exchange on October 1, 2021 due to the limited trading and liquidity of the ordinary shares on the exchange.

Published May 17, 2022

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HEAVY equipment and motor dealership group Barloworld’s share price ratcheted up 5.2 percent after it announced that it had cancelled its London Stock Exchange listing.

A trading statement said also the group expected normalised headline earnings per share (heps) to increase by between 60-64 percent to between 460 and 470 cents per share for the six months to March 31.

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The share traded at R111.39 yesterday afternoon.

Avis Budget South Africa was being classified as being held for sale and so Car Rental and Leasing was classified as part of discontinued operations in the income statement, and comparatives had been restated.

The previously disclosed normalised Heps from continuing operations of 448 cents had been restated to 287 cents.

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Barloworld said it had cancelled its shares on the London Stock Exchange on October 1, 2021 due to the limited trading and liquidity of the ordinary shares on the exchange, and because there was no visible benefit in maintaining the secondary listing. The company maintains its primary listing on the JSE.

Barloworld said recently it would keep operating in Russia despite the Ukraine Russia conflicts.

Its subsidiary, Vostochnaya Technika, is the official Caterpillar dealer in some parts of Russia. Vostochnaya Technika falls under Barloworld's Equipment Eurasia division, which also includes the smaller markets of Mongolia and the UK.

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Russia has been one of Barloworld's outstanding performers, contributing around 20 percent of its global revenues.

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