Accell Group N.V. said its shares will be included in the s Midcap index (AMX) of Euronext Amsterdam for the first time beginning March 24. It marks the first time the bike maker's shares have been included in the index since it went public in 1998.
The AMX index is made up of 25 medium-sized listed companies on Euronext Amsterdam.
“We consider the inclusion in the Midcap index as a support for our growth strategy,” said René Takens, chairman of the management board of Accell Group, which has been expanding aggressively in North America since its 2012 acquisition of Raleigh Cycles Ltd. “The Midcap listing will further raise our profile among investors. We expect a positive effect on the liquidity of Accell Group’s shares, partly because the stock now also becomes interesting for institutional investors who only trade in funds that are included in the AEX and/or AMX.
“By actively anticipating on sustainable trends such as mobility solutions for short distances, more exercise and healthier living we have become the undisputed market leader in Europe and a top 5 player in North America,” Takens continued. “Our focus on innovative and distinctive bicycle and fitness products and services is leading and bears fruit each year.”
The composition of the Midcap is reviewed by Euronext Amsterdam annually in March based on the free float adjusted market capitalization of the listed companies. At the end of February 2014 the total market capitalization of Accell Group amounted to approximately €350 million.
Accell Group’s shares have been listed at Euronext Amsterdam since 1998 and the company has been part of the Amsterdam Small Cap Index (AScX) since 2008. The company’s sales increased from €149 million in 1998 to €849 million in 2013.
