Formation Group to list on rival ISDX

Shares in AIM-listed Formation Group plummeted while the property developer lists on rival borse, the ICAP Securities and Derivatives Exchange (ISDX), in order to minimise costs.

The company's 220.5m shares of 1p were admitted to ISDX to trade on Thursday and it will seek shareholder approval to cancel its shares on 4 January. AIM trading is expected to cease around 12 January.

Formation Group decided ISDX would be more appropriate for the company due the costs of maintaining a quotation on AIM and the limited liquidity of its shares on the market.

The East London headquartered company develops, invests and provides construction management services for medium and large scale building projects in the capital and the periphery.

The company's property investment business has various joint venture deals, including with Aldgate Development for a site in Whitechapel and more recently, the Norwich House project.

Its property development business, Formation Homes, bought a site in Iverson Road for £5.9m, which comprises of 19 residential units and one commercial unit.

Shares in Formation Group were down 11.43% to 1.55p at 0951 GMT.