The Works completes admission to AIM
The directors argued that an admission to AIM would be more appropriate for the retailer due to the cost and regulatory requirements of the main market becoming progressively higher in recent years and disproportionately burdensome
The Works has announced the completion of its move from the main market of the London Stock Exchange to AIM.
On 19 March, the books, arts and crafts retailer announced proposals to apply for the admission of its ordinary shares to trading on AIM under AIM’s streamlined admission process for companies that have had their securities traded on the Official List, known as the ‘AIM Designated Market’ route.
The company had also announced its intention to cancel the admission of the ordinary shares on the London Stock Exchange, where it had been listed since July 2018.
The directors argued that an admission to AIM would be more appropriate for the retailer due to the cost and regulatory requirements of the main market becoming progressively higher in recent years and disproportionately burdensome for a business the size of The Works.
The group said a move to AIM is expected to deliver a significant cost saving in reduced audit fees as well as making the company’s shares more attractive to AIM specific funds, such as funds investing in AIM companies that qualify for IHT Business Property Relief.
Carolyn Bradley, chair of The Works, said: “We are pleased that our move to AIM has now completed, meaning that The Works is now listed on a more appropriate market. We reiterate our confidence that this move will deliver a significant cost saving leading to increased value for shareholders. We would like to thank our shareholders for their continued support.”
