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Latest Satellite News Discussion, Virgin Media considers London placing at General Satellite News forum; By Julian Clover August 3, 2009 08.37 UK A UK stock market listing is under consideration by Virgin Media in ...

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Virgin Media considers London placing - 03-August-2009, 10:47

By Julian Clover
August 3, 2009 08.37 UK

A UK stock market listing is under consideration by Virgin Media in a bid to attract London-based investors. A decision could come ahead of the cablenets second quarter financials, later this week.

Virgin Media is currently quoted on the US Nasdaq exchange, a position that evolved from NTL prior to its merger with Telewest, and has resulted in a board largely drawn from North America.

UK cable has sought financing from the US markets since its networks began to flourish in the 1980s, a situation that became acute under Barclay Knapps International Cabletel, and the subsequent bankruptcy of NTL. William Huff, the venture capitalist who helped pull NTL out of the financial fire no longer has a significant holding and this is likely to ease any objections.

A UK listing has been considered on many occasions over the past decade, but moving the primary listing to the UK is seen as a non-runner, because of the additional tax liabilities that would be associated with such a move
   
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