​The Works shareholders vote to move from main London Stock Exchange market to AIM

In a shareholder general meeting today (April 4), results of the poll showed that 99.7% of shareholders agreed to move to the smaller market. The Works said its lowly valuation, financial cost and regulatory burden of being listed on the main market were the reasons for the switch.

In a statement to the stock exchange, the discount retailer said its last day of dealings on the main market will be May 2, and that cancellation of the shares is “expected to take effect” on May 3 – when it also expects to start dealing in ordinary shares.

When The Works first announced its intentions to move in March, chair Carolyn Bradley 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.”