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Virgin Media is mulling a secondary London listing
3 Aug 2009Virgin Media may list its shares on the London Stock Exchange, in a belated recognition that it operates entirely in the UK.
The cable TV, phone and internet giant is presently only listed in the US, a legacy of its history as NTL, which raised money in America to fund its expansion here.
A secondary listing is intended to encourage London-based investors to take a greater interest in the company. It is highly unlikely to make its primary listing in the UK, however, as this would trigger a tax liability.
Virgin Media is expected to make an announcement about the move later this month when it unveils second-quarter results.
The move comes as Virgin Media enjoys a period of stability unusual in its turbulent history.
Under NTL it had a bad reputation for customer service, something it has been lately trying to put right.
The company ran into serious financial difficulties a few years ago, filing for Chapter 11 bankruptcy protection.
Virgin Media is valued at more than £2 billion on Nasdaq, the New York stock exchange which has a bias towards internet and technology companies. Its operational headquarters are in Hampshire.
