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John Lewis of Hungerford PLC has proposed the cancellation of its listing on the AIM marketplace, meaning the company would once again become private should the cancellation go through.
The manufacturer and retailer of kitchens, bedrooms, and free-standing furniture has said that management time and legal and regulatory costs are the primary reason for the cancellation proposition.
This proposal is subject to shareholder approval and more will be known following a general meeting between the firm and its shareholders on June 16.
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For cancellation to be approved John Lewis of Hungerford will need the approval of 75 per cent of its shareholders.
The General Meeting will be held at the Company’s offices in Wantage.
Chief executive officer and acting chairman of John Lewis of Hungerford Kiran Noonan said: “The sale and leaseback transaction with TOF Corporate Trustees secures a strong strategic partnership with a fund committed to developing the Grove Business Park. As the Company continues to grow, we look forward to working closely with TOF Corporate Trustees to develop our property requirements over the coming years.
“The proposed cancellation of trading in our shares on AIM is a key part of the Board’s plan to ensure management time is exclusively focused on the progress of the Company.”
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