Large shareholder urges IWG to ditch London for US listing 'immediately'

Open letter from Buckley CM

Office space provider IWG has been urged by Buckley Capital Management, one of the company’s largest shareholders, to relocate its listing to the US with immediate effect in order to “unlock shareholder value”.

In an open letter to IWG and fellow shareholders, Zack Buckley, managing partner at Buckley Capital Management, said that current efforts to articulate and unlock the investment merits of IWG have "fallen on deaf ears" and therefore "further action needs to be taken to unlock the company's intrinsic value".  Buckley urged the board to "expedite the re-listing of IWG's shares onto a US stock exchange".  The large shareholder also argued the IWG board should embark on a major share buyback programme once IWG achieves its target of 1x net debt/EBITDA. Ashtead weighs switch to US listi...