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Eland Oil & Gas catapulted into FTSE AIM 50

Less than three months after listing on AIM, Eland Oil & Gas is to be included in the FTSE AIM 50 index, the index comprised of the junior market's 50 biggest companies.

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Less than three months after listing on AIM, Eland Oil & Gas (LON:ELA) is to be included in the FTSE AIM 50 index.

The FTSE AIM 50 index comprises the 50 largest companies by market value, and the constituents are revised on an annual basis.

Eland is set to join the index on December 24. Other AIM companies making it to the big league include acquisitive software firm Advanced Computer Software (LON:ASW), which has seen its share price soar by more than 50% over the last year.

Admission to the AIM 50 index automatically sees a company’s shares move to the full SETS platform, the London Stock Exchange’s flagship electronic trading system.  

This, in turn, should increase a stock’s visibility and can often be a prompt for brokers to start covering the company, thereby supporting liquidity and future fund raising efforts.

Eland’s flotation on AIM on September 3 was the largest flotation on the junior market in more than three years.

The group raised £118mln through a placing of shares at 100p each, giving it an implied stock market valuation at the time of flotation of around £135m. The stock’s current market capitalisation is £155mln.

Quick facts: Eland Oil & Gas PLC

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AIM:ELA
Market: AIM
Market Cap: -
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