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April 29, 2010

RSM Tenon leaves AIM to list on LSE

RSM Tenon is to list on the London Stock Exchange in an effort to reach out to a broader group of investors and grow more rapidly.

The firm will de-list from the Alternative Investment Market (AIM) and move to the London Stock Exchange (LSE) on May 27.

In the process, RSM Tenon has reconstructed the make-up of its board to comprise of two executive directors and three non-executive directors (turn to page 4).

RSM Tenon chief executive Andy Raynor said the firm has achieved all of its goals on the AIM, and the move to the larger LSE is a natural evolution for a corporation of its size.

“Over the past 10 year, Tenon has achieved many of its initial objectives and is set to do significantly more. I think [the LSE] better reflects the scale, substance and presence of the business at the moment,” Raynor said.

“We’re going to be turning over typically £250m. A business of that scope needs to be available to as broad a list of investors as possible. We have great ambitions to use the listing as an opportunity to help us grow even faster.”

Raynor said the move onto the LSE does not indicate the firm needs an injection of capital nor is it in any way linked to the acquisition of RSM Bentley Jennison late last year.

He said the listing would increase the visibility of the business, but this was not an important issue for the firm. In addition, listing on the LSE should not be taken as a sign the firm is looking to attract a larger or different type of clientele.

“Yes, we do have large and international clients, we do have public clients, but the core clientele are private entrepreneurial-led businesses and we have a predominant position with public sector clients as well,” Raynor said.

RSM Tenon shortly intends to publish a prospectus in connection with admission.


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