The City was handed a boost yesterday as two companies confirmed plans to list on the London Stock Exchange (LSE).
Cobalt Holdings expects shares to start trading ‘on or around’ June 10, while trading platform iForex is aiming for late June.
A dearth of listings and firms leaving following takeovers has prompted City figures to speak to the Chancellor and officials over how to increase investment in British companies and make the LSE more attractive.
Cobalt is run by Jake Greenberg, who helped set up specialist uranium company Yellow Cake and hopes to emulate its success by investing in cobalt – used in electric car batteries. Miner Glencore will invest £18million for a 10 per cent stake while Anchorage will put in £17million for 9.5 per cent, valuing Cobalt at around £180million.
Israel-based iForex, which specialises in contracts for difference – a type of bet on financial markets – is thought to be seeking a value of around £50million.
Founder Eyal Carmon will remain a majority shareholder and is recruiting mining veteran Mick Davis – who was chief executive of FTSE 100 giant Xstrata until its merger with Glencore in 2013 – to its board.
London calling: Cobalt Holdings expects shares to start trading ‘on or around’ June 10, while trading platform iForex is aiming for late June
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Boost for City as two companies confirm plans to list on the London stock market