REG - Johnson Service Grp. - Intention to Move to the Main Market

Johnson ServiceAnnouncement

04/06/2025 07:00

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RNS Number : 3035L  Johnson Service Group PLC  04 June 2025

04 June 2025

AIM: JSG

Johnson Service Group PLC

(the "Company" or "JSG" or "Group")

Intention to Move to the Main Market and Extension of Share Buyback Programme
to £30 million

 

Intention to Move to the Main Market

JSG, a leading textile services provider in the United Kingdom and the
Republic of Ireland, confirms that, further to recent announcements and
consultation with its largest shareholders, the Board announces its intention
to apply to the Financial Conduct Authority ("FCA") for the Group's ordinary
shares to be admitted to the Equity Shares (Commercial Companies) segment of
the Official List and to trading on the Main Market of the London Stock
Exchange ("Admission").

Since transferring its listing to AIM on 10 June 2008, JSG has demonstrated an
impressive commercial and financial track record, strong shareholder returns
and built a broad and supportive shareholder base. The Board is cognisant that
AIM has served the Group well over many years and considered, in detail, the
rationale for a move-up from AIM to the Main Market. The Board concluded that
Admission would allow for access to deeper pools of capital and a broader
range of investors, increased liquidity in trading of the Group's shares, and
enhance the Group's corporate profile.

JSG does not intend to raise any funds or offer any new shares in connection
with the Admission or the publication of the related prospectus. The Admission
will be effected through an introduction of the Group's existing ordinary
shares and is expected to occur no later than early August 2025 at which time
the Group's listing on AIM is expected to be cancelled. Accordingly, the Group
hereby gives notice of the intended cancellation of trading of its ordinary
shares on AIM in accordance with Rule 41 of the AIM Rules for Companies.

Admission is subject to the approval by the FCA of a prospectus and the
ordinary shares being admitted by the FCA to the Official List and by the
London Stock Exchange to trading on the Main Market. Admission is not
conditional upon shareholder approval. Shareholders should note that the
Group's shares will no longer be traded on AIM with effect from Admission and
should consult their own professional advisers regarding the consequences of
Admission.

JSG will make a further announcement in due course.

Extension of share buyback programme

At its Preliminary Results on 4 March 2025, JSG announced that it was
intending to return up to £30.0 million to shareholders by way of a share
buyback and, subsequently, a £15.0 million share buyback tranche was
commenced on 5 March 2025 (the "Current Buyback Programme"). The Current
Buyback Programme has deployed £10.4 million to date. The Company today
announces that it is extending the Current Buyback Programme by a further
£15.0 million, making £30.0 million in total (the "Extended Buyback
Programme"). The Extended Buyback Programme will be effective from today's
date and end no later than 31 December 2025.

The Group has amended its agreement with Investec Bank plc ("Investec")
pursuant to which Investec will continue to carry out on-market purchases of
JSG's ordinary shares of 10 pence each (the "Shares") on its behalf and to
make trading decisions independently of the Group. The Extended Buyback
Programme will remain active when the Group's Shares are admitted to the Main
Market. Due to the limited liquidity in the Shares, and in order to proceed
with the Extended Buyback Programme in an effective manner, the Group's
purchases of Shares pursuant to the Extended Buyback Programme, on or after
today's date, may exceed 25% (but remain below 50%) of the average daily
trading volume, being the limit laid down in Article 5(1) of UK MAR and,
accordingly, the Company may not benefit from the exemption contained in that
Article. Save as set out herein, the Extended Buyback Programme will otherwise
continue to be subject to the same parameters set out in the Group's
announcement of 5 March 2025.

 

 ENQUIRIES

 Johnson Service Group PLC
 Peter Egan, CEO
 Yvonne Monaghan, CFO
 Tel: 01928 704 600

 Investec Investment Banking (NOMAD)  Camarco (Financial PR)
 David Flin                           Ginny Pulbrook
 Virginia Bull                        Letaba Rimell

 William Brinkley
 Tel: 020 7597 5970                   Tel: 020 3757 4992/4981
                                      Email: jsg@camarco.co.uk

 

 

 

 

 

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