Proactive Investors - TheWorks.co.uk PLC (LON:WRKS) has completed a move from London’s main market to the alternative investment market (AIM).
In a move the retailer said would save costs and drive efficiencies, all 1p 62,500,000 ordinary shares will switch between the main and junior markets on Friday’s opening.
“We reiterate our confidence that this move will deliver a significant cost saving, leading to increased value for shareholders,” chair Carolyn Bradley said in a statement.
The Works, which sells the likes of books, toys, as well as arts and crafts, will now be listed on “a more appropriate market,” she added.
Increasing costs and regulatory requirements of the main market had previously been cited, with The Works suggesting these had become “disproportionately burdensome”.
Reduced fees and access to a broader range of auditors were also cited, alongside potential tax benefits on the junior market, which The Works said could make it more attractive to AIM-specific funds.
AIM is operated by the London Stock Exchange and caters for smaller companies, with over £130 billion having been raised by around 3,988 companies since it was set up in 1995.