The Works shareholders have voted to transfer the retailer’s shares from the main market of the London Stock Exchange to its sub-market AIM.
In the shareholder general meeting on 4 April, 99.7% of shareholders agreed to move to the smaller market.
The Works listed on the London Stock Exchange in 2018, but last month the directors proposed delisting on the main market and to trade on AIM (Alternative Investment Market), which is a smaller market.
On the proposed move, last month Carolyn Bradley, chair of The Works, said: “Our proposed move to AIM follows months of careful consideration. We believe AIM to be a more appropriate market for The Works, partly due to our current size but also because of the efficiencies to be gained when compared to the main market’s increasing cost and regulatory requirements. Many of our major shareholders are supportive of the move and we are optimistic that the expected cost savings and access to alternative groups of investors should help to increase shareholder value.”
It is expected that the last day of dealings in the ordinary shares on the main market will be 2 May and dealing on AIM to commence on 3 May 2024.
