Johnson Service Group PLC (LON:JSG), a leading textile services provider in the United Kingdom and the Republic of Ireland, has confirmed that, further to recent announcements and consultation with its largest shareholders, the Board announces its intention to apply to the Financial Conduct Authority 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.
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.
JJohnson Service Group 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 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 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 pursuant to which Investec will continue to carry out on-market purchases of Johnson Service Group PLC’s ordinary shares of 10 pence each 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.
