Ander bid to boost liquidity with IEX listing

Specialist digital camera manufacturer, Andor Technology, hopes its launch on the IEX division of the Irish Stock Exchange today will boost liquidity and draw new investors.

The Belfast-based company, which produces specialised cameras for use in areas such as scientific research and diagnosing illness, will be the 30th company to list on the IEX when its shares begin trading there this morning.

Andor has been trading on the London equivalent, the Alternative Investment Market (AIM) since 2004. Its shares there are denominated in sterling.

Chief executive Conor Walsh explained yesterday that the company believes that getting a euro listing as well will open the stock to new investors.

"What we are looking for is improved liquidity," he said. "We're a small company and for small companies, liquidity is always a challenge. In Dublin we hope to attract both private clients and the institutions. All of those things will help with liquidity. That's the fundamental reason we're doing it."

On the basis of last night's London closing price of 99.75p sterling, Andor has a market capitalisation approaching €45 million.

Its shares will begin trading on the IEX this morning at the euro equivalent of last night's close. Goodbody Corporate Finance is advising the company on its Dublin listing. Mr Walsh said that once a firm has an AIM listing, getting on to the IEX is straightforward.

Andor Technology's cameras are used in research laboratories around the world. Its products can be used to photograph microscopic material at low levels of light, which differentiates it from competitors.

According to director, Dr Donal Denvir, they are also used to analyse and break down light, which means they can be utilised for gene sequencing and detecting pollutants.

The company has its roots in in equipment that Dr Denvir developed as part of a masters in physics which he was pursuing in Queen's College Belfast. The equipment was commercialised and the company began trading in 1989.