The MAM Blog – Project Heather: The Relaunch of a Scottish Stock Exchange

Ross Middleton Senior Investment Manager, Murray Asset Management
Ross Middleton – Senior Investment Manager

A Scottish Stock Exchange was originally launched in the 1960’s, lasting 11 years until it was merged with the London Stock Exchange in 1973. However, the re-establishment of a Scottish Stock Exchange has moved a step closer through an initiative known as Project Heather.

Headquartered in St Andrews Square in Edinburgh the plan is also to have offices in Glasgow and Aberdeen. Approximately 45 jobs will be created from the new venture and following an initial investment package announced in March, the founders have also secured a £750,000 grant through Scottish Enterprise.

The new exchange is aiming to focus on those companies wishing to raise capital that are making a measurable and positive social and environmental impact. This will be measured through meeting certain criteria prior to listing and also by achieving ongoing targets. Those leading the project are hoping to use their connections with entrepreneurs and firms within a number of sectors including renewables and construction.

The objective is for the exchange to be complimentary to other existing exchanges with the founders emphasising their plan is to attract new investment rather than encouraging established firms to move their current listing.

The exchange has partnered with Euronext, Euroclear and European Central Counterparty in order to provide leading technology and market infrastructure.

The new initiative will be more cost effective for listing than other stock exchanges and the aim is for the exchange to be launched by the end of 2019.