The exodus of companies leaving the London Stock Exchange has hit a 14-year high as Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) became the latest to face pressure from investors over a move.
Some 45 firms have ditched their listings in London this year, marking the highest level since 2010, according to Bloomberg compiled figures.
FTSE 100-listed Rio Tinto on Wednesday flagged its seminar in London for a strategic update on the back of pressure to abandon its primary London listing by investor Palliser Capital.
It follows a string of departures for various reasons as London struggles to cling onto its position as an attractive destination for companies.
Takeovers have seen gaming firm Keywords Studios, cybersecurity business Darktrace and Virgin Money drop listings this year.
Royal Mail owner IDS’ proposed sale to Daniel Kretinsky’s EG group and Britvic’s takeover by Carlsberg could see others join the growing list of names heading for the exit door.
Rio Tinto’s moving of its primary listing would mark a major blow for London, with the miner’s £84.1 billion market capitalisation placing it among London’s largest companies.
Revolut on Tuesday dubbed the prospect of a London listing “not rational,” with chief executive Nikolay Storonsky arguing the “product” offered by the UK could not compete with the US.
Rio Tinto climbed 0.9% on Wednesday.