LONDON, Sept 10 (Reuters) - A leading shareholder in

International Workplace Group ( IWGFF ) has called for the office

rental company to quit its London listing and relocate to a U.S.

stock exchange to boost shareholder value, a letter published on

Tuesday showed.

Miami-based investment firm Buckley Capital Management,

which describes itself as one of IWG's 15 largest investors,

said trading on the London Stock Exchange was not rewarding IWG

with the valuation multiple it believes the company deserves.

"We believe that a U.S. listing would expose IWG to a new

and more liquid market with investors who have greater

appreciation of its leverage levels and business model," Buckley

said in the letter, which was released to media outlets and

other investors.

Buckley said it had been encouraged by discussions with

IWG's board and management on the issue of maximising

shareholder value but said the company must take more immediate

action to fully unlock its true value.

Besides immediately appointing advisers to proceed with a

U.S. relisting, the investor said IWG should also execute a

share buyback programme.

"If a U.S. listing and share buybacks do not cause a

significant rerating in IWG's shares, we are convinced that

management should explore a sale of the business," the

shareholder added.

Buckley, which has held shares in IWG since February 2023,

said it was drawn to the company by the potential to increase

free cash flow per share by more than 25% a year, with initial

expectations of between 300% and 600% gains in IWG's shares over

time.

The shares, however, have fallen by about 50% in the past

five years, Buckley said, highlighting "a significant

dislocation" between the share price and the intrinsic value of

the company.