Titon Holdings takes AIM for future growth
Titon Holdings plc in Colchester, an international manufacturer and supplier of ventilation systems and window and door hardware, this week completed a move from the main market of London Stock Exchange to AIM.
Chairman Keith Ritchie said the board believed AIM provided a more suitable regulatory environment for a business of Titon’s size and structure and provided more flexibility in relation to corporate transactions and equity fundraising if opportunities arose in the future.
Certain shareholders may also benefit from particular inheritance tax and stamp duty reserve tax exemptions in respect of their interests in the company’s ordinary shares that are not afforded to shares admitted to the main market.
Titon employs over 230 people, with 190 in the UK and 43 in South Korea. It has a strong presence in the UK residential ventilation market and sells its products into a range of European countries; the US is supplied through a wholly owned subsidiary, Titon Inc. The company entered into a Joint Venture in South Korea with a local partner in 2008 and has its own manufacturing facilities in Seoul.
This business has captured over 75 per cent of the market share for natural ventilation in the new build market in South Korea and now represents a significant source of profits for the group.