Sirius Minerals confirms move from AIM to LSE's main market

Shares surged in Sirius Minerals on Tuesday after the Yorkshire polyhalite miner announced it is to cancel trading its shares on AIM following admission to the main market of the London Stock Exchange.

The miner is applying to list its shares on the premium listing segment of the Official List of the UK Listing Authority and be admitted to trade on LSE’s main market for listed securities.

It believes that a premium listing will support its long-term strategy by providing the company with a “more appropriate platform for its growth” by raising its global profile, increase trading liquidity and open it up to a greater range of potential investors.

The company also believes that the new listing will be “in keeping with the nationally significant nature” of its North Yorkshire polyhalite project and its market capitalisation, which is currently in excess of £700m.

Sirius’ shares are expected to cease trading on AIM on 28 April and if approved, it shares will be then be registered with their existing ticker and other codes on the main market.

No new shares will be issued as part of the news admission.

Manging director and chief executive Chris Fraser said: “It has been a long-stated intention of the company to move to the main market and we are delighted to be continuing to deliver on our goals as we move forward with the timely delivery of our Woodsmith Mine."

Shares in Sirius Minerals were up 7.26% to 18.77 at 0916 BST.