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Wall Street moves on red tape as IPO exodus continues

Wall Street moves on red tape as IPO exodus continues

by Toby Lucich on May 29, 2007

TyraTech, a maker of environmentally friendly pesticides, became the latest American company to float in London yesterday as growing concerns about the IPO drain from New York to the City prompted the formation of a heavyweight Wall Street panel.

The panel is being set up by Eliot Spitzer, the former attorney-general of New York who is now governor of the state. Mr Spitzer, who has given the panel until June next year to propose legislative changes, said yesterday that “the financial world has changed and we must change with it to retain our leadership position”. TyraTech, a Florida compan that raised £25 million from floating on the Alternative Investment Market (AIM) in London, said that the cost and inconvenience of strict American listing requirements, introduced after the collapse of Enron, were key to its decision to float overseas.

Douglas Armstrong, the chief executive, said: “The Sarbanes-Oxley regulations undoubtedly played a part in our decision to list in London because they place a heavy burden on small-cap companies in terms of time and cost.”

The flotation of TyraTech takes the number of US firms on AIM to about 70.

Wall Street moves on red tape as IPO exodus continues

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