GB Group To Move To AIM From Main Market; Eyeing Acquisitions

5th Jul 2010 07:59

LONDON (Dow Jones)--U.K. identity verification and maintenance company GB Group PLC (GBG.LN) Monday said it plans to move to London's junior Alternative Investment Market from the main market, saying the move would give it more flexibility to make acquisitions. GB said this would also lead to lower transaction costs and simpler administration for a company of GB's size. The Chester-based company isn't looking to raise any money through the move, which is expected to take place at the beginning of September. It had a market capitalization of GBP22.2 million as of Friday and 85,535,692 shares of 2.5 pence each will be listed on AIM if the plans are backed by shareholders. As part of the move GB has appointed David Rasche--who founded Software Solutions Partners--as non-executive director. KBC Peel Hunt is acting as the broker and nominated adviser. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires July 05, 2010 02:59 ET (06:59 GMT)