Accident repair business Just Car Clinics has announced it wants to remove its listing on the Alternative Investment Market (AIM) and concentrate on trading as an unquoted public company.
The group, headed by chief executive Barry Whittles, said it feels disadvantaged in the current economic climate at having to provide trading updates, and it is not benefitting from the perceived benefits of AIM listing such as access to equity markets and an enhanced corporate profile.
It floated on AIM nine years ago, and is currently only the second bodyshop group in the UK to be publicly listed, behind market leader Natiowide Accident Repair Services.
Under AIM rules, the proposed cancellation must be approved by 75% of shareholders at JCC's general meeting on October 31.
JCC is setting up a 'matched bargain' process through broker Brewin Dolphin for those investors seeking to sell or buy a stake ahead of the de-listing.
An unquoted public company is one which previously issued securities which are no longer quoted or traded on formal stock markets, however they may still be traded directly between brokers but trade in very low volumes.
For the full announcement from JCC click here: www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
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