CRH has announced its intention to delist its ordinary shares from the London Stock Exchange (LSE) and cancel its preference shares.

The Dublin-headquartered FTSE 100 building materials firm’s last day of trading on the LSE will be 17 April. From this date, it will be solely listed on the New York Stock Exchange, its primary listing.

The decision comes after CRH announced its intention to undertake a review of its LSE listing, and as part of the review, it considered, among other factors, the level of trading activity for its ordinary shares on the LSE, as well as the additional cost, regulatory and administrative obligations.

Following the completion of its review, the firm’s board said it is in the best interests of CRN and its shareholders to proceed with the delisting.

Alongside this delisting, it will also cancel its 7% and 5% preference shares on the LSE and the Euronext Growth Dublin respectively.

The 7% and 5% preference shares have a total par value of approximately €1.2m and the proposed cancellations would be in exchange for a cash payment of an amount equal to 40 times the annual dividend per preference share.

Investment director at AJ Bell, Russ Mould, said the move is a knock to the LSE’s standing on the world stage.

He concluded: "Having already shifted its primary listing to the US, building materials specialist CRH is to now turn its back completely on London. The development, though not seismic, is another sign of London’s diminished status in the roster of global markets. Companies who switch their main listing to the US often pledge to keep a presence in London, but CRH’s actions suggest that is no longer a given."

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