Raise public trading or risk Footsie exit, foreign firms warned

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The Independent Online

Evraz, the Russian steel maker backed by Roman Abramovich, is one of five international resources companies that may be dropped from the FTSE 100 if they do not increase the number of shares available for public trading.

With Eurasian Natural Resources, Essar Energy, Ferrexpo and Fresnillo, Evraz was yesterday told it must raise free floats to 25 per cent or be excluded from all FTSE listings. The companies have been given two years to hit the minimum percentage. They currently have free-float levels of 18-24 per cent.

Investors have complained that while several overseas companies have been allowed to list in London under dispensation from the UK Listing Authority, there is a shortage of trading in their shares.