Aiming for the big time
Carphone Warehouse shares jumped more than 6 per cent in early trading in London today (27th September 2013) after the UK retailer revealed it was seeking a premium listing on the London Stock Exchange, making its stock more appealing to a larger number of institutions. Premium listed firms have to meet more exacting reporting standards to be included, but other benefits include the possibility of being included in the FTSE index series and better trading liquidity.
The move follows Carphone’s repurchase in June this year  of the remaining 50 per cent interest in CPW Europe (previously Best Buy Europe), bolstering its asset base.
It’s expected the transition to a premium listing will take place at the end of next month, with bankers UBS acting as sponsor. Within thirty minutes of trading Carphone’s share price had risen to 241 pence, having opened at 229 pence.