UK’s Scisys lists in Dublin as other firms eye Brexit move

Irish Independent - Business Week - - IN PERSON - Gavin McLough­lin

BRI­TISH soft­ware busi­ness Scisys has been ad­mit­ted to trad­ing in Dublin, mak­ing it the first Brexit refugee to list on the Ir­ish Stock Ex­change.

And Euronext, the new owner of the ex­change, said a num­ber of other com­pa­nies were con­sid­er­ing a sim­i­lar move.

Scisys non-ex­ec­u­tive chair­man Mike Love said the com­pany’s de­ci­sion to come to Dublin was “the fi­nal step in our Brexit con­tin­gency plan­ning”.

The UK’s exit from the EU has thrown doubt over Bri­tish-listed firms’ ac­cess to Euro­pean mar­kets. Mr Love said Scisys wanted to “en­sure that our busi­ness can con­tinue our long-stand­ing par­tic­i­pa­tion in both the UK and Euro­pean mar­kets.

“By com­ple­ment­ing our UK listing with a Euro­pean one on Euronext we will also have con­tin­ued ac­cess to ster­ling and euro pools of cap­i­tal in a post-Brexit en­vi­ron­ment.”

The com­pany pro­vides IT and soft­ware ser­vices across a num­ber of sec­tors in­clud­ing me­dia and de­fence.

Euronext said it was “aware that a num­ber of com­pa­nies are con­sid­er­ing Euronext Dublin post-Brexit”.

“The com­bi­na­tion of the Euronext panEuro­pean of­fer­ing and its po­si­tion as the lead­ing tech­nol­ogy fran­chise makes it a very at­trac­tive choice for com­pa­nies such as Scisys, and we are de­lighted that they have cho­sen to list with us.

“Euronext is well po­si­tioned as the only ex­change who can pro­vide com­pa­nies with ac­cess to a sin­gle pan-Euro­pean or­der book to at­tract euro pools of cap­i­tal. While we can’t pre­dict how many com­pa­nies will ul­ti­mately choose Euronext Dublin post-Brexit, given the sim­i­lar­i­ties be­tween the Ir­ish and UK regimes we be­lieve we of­fer the best pan-Euro­pean so­lu­tion, par­tic­u­larly for UK com­pa­nies look­ing to com­ple­ment their ex­ist­ing listing with a euro-based listing.”

The Scisys deal fol­lows a num­ber of re­cent list­ings in­clud­ing Yew Grove

Reit, edtech busi­ness VR Ed­u­ca­tion, Green­coat Re­new­ables and house­builder Glen­veagh Prop­er­ties.

The deal to sell the Ex­change to Euronext re­sulted in a wind­fall for the group of bro­kers who owned it be­fore­hand: Davy, Good­body, In­vestec, Can­tor Fitzger­ald, and Camp­bell O’Con­nor. Ear­lier this month Euronext said it was aim­ing to make €8m of sav­ings at the Ir­ish op­er­a­tion, with around 20 job cuts. Daryl Byrne has re­cently taken over as the ex­change’s boss, re­plac­ing Deirdre Somers.

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