It has been years in discussion, but this morning the Irish Stock Exchange finally announced that it has demutualised, changing its corporate structure from a company limited by guarantee to a plc.

Deirdre Somers, chief Executive of the ISE, said that the new legal structure "brings the ISE more in line with corporate norms which we believe is more appropriate for the successful, diverse international business that the ISE has become. This change also provides us with greater flexibility for our future development which is of benefit to all our customers and stakeholders."

Each of the six stockbroking firms who were members or "guarantors" of the exchange under its old structure will receive a shareholding in the exchange. These are: Davy, Goodbody Stockbrokers, Investec, Campbell O'Connor & Co, Cantor Fitzgerald Ireland, and Royal Bank of Scotland N.V. Davy Corporate Finance will take a stake in the exchange as a nominee.

Davy will take the largest stake, at 37.5 per cent, followed by Goodbody with 26.2 per cent; Investec with 18 per cent; RBS 6.3 per cent; Cantor Fizgerald 6 per cent; and Campbell O’Connor with 6 per cent.

The exchange did not disclose how much each stake is worth, but previous estimates put a value of about €80 million on the the exchange.

There is no shareholding for former member Bloxham, which collapsed in 2012 and had its membership of the exchange terminated. Prior to that, it had put a valuation of about €6.3 million on its membership.

In line with the restructuring, the six members will equally share in a distribution of €27.5 million, or €4.6 million each. Under the ISE’s former structure, it was unable to distribute any of its consolidated retained profits since its formation as a limited by guarantee company in 1995 and the company has been profitable throughout this time.

The exchange, which was founded in 1793, is one of the oldest in the world and the change in corporate structure has been approved by the Central Bank of Ireland. The ISE has also engaged with the Department of Jobs, Enterprise and Innovation.