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LONDON - Johnson Service Group PLC (AIM:JSG), a prominent provider of textile services in the UK and Ireland, announced its intention to transition from the AIM to the Main Market of the London Stock Exchange (LON:LSEG). The move aims to tap into larger capital pools, attract a wider investor base, and enhance the company’s corporate profile. The Board expects the change, which does not require shareholder approval, to be completed by early August 2025.
The Group, which shifted to AIM on June 10, 2008, has since shown a strong commercial and financial performance, and the move to the Main Market is seen as the next step in its growth strategy. The Admission will be effected through an introduction of the Group’s existing ordinary shares, with no new funds raised or shares offered in connection with this transition.
Concurrently, JSG is extending its share buyback program by an additional £15.0 million, reaching a total of £30.0 million, effective from today. The extension follows the £10.4 million already deployed in the initial phase of the buyback. Investec (LON:INVP) Bank plc will continue to manage the on-market purchases, with the extended program set to conclude by December 31, 2025.
This strategic shift is subject to approval by the Financial Conduct Authority of a prospectus and the ordinary shares being admitted to the Official List, as well as by the London Stock Exchange to trading on the Main Market. The company’s shares will cease trading on AIM upon Admission.
The share buyback program, designed to return value to shareholders, may exceed 25% of the average daily trading volume due to limited liquidity in the shares. This decision comes with the understanding that the company may not benefit from the exemption contained in Article 5(1) of UK MAR.
JSG has stated it will provide further updates regarding the Admission process and the share buyback program in due course. The information disclosed is based on a press release statement from the company.
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