Runcorn-based workwear and textile firm Johnson Service Group (JSG) confirmed on Wednesday a plan to move the listing of its shares from the junior AIM exchange to the main market of the London Stock Exchange.
Johnson also announced an extension of its share buyback programme.
In a stock exchange statement, the firm said: “JSG, a leading textile services provider … 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.
“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 …”
On the buyback extension, Johnson said: “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 …”