UK mother and baby goods retailer Mothercare has completed its shift to the AIM, a sub-market of the London Stock Exchange, a move said to offer greater flexibility with regard to corporate transactions.
The transition, which took place this morning (12 March), marks the completion of Mothercare’s final phase of refinancing and restructuring.
The retailer, which first listed on The London Stock Exchange in 1972, said in January that it would apply to trade on AIM, which would also have tax benefits for some investors.
Clive Whiley, chairman of Mothercare, said today (12 March): “We arrive on AIM today in good shape, with the next step down in our leverage position to be completed shortly with the CULS conversion of the GBP19m shareholder loans into ordinary shares. Mothercare faces the future as a conservatively financed, cash generative and profitable business for the first time in many years.”
The retailer in January said it expects to make a small EBITDA loss for the full year to the end of March 2021, after net worldwide retail sales for the three-quarters to 2 January fell by GBP155m to GBP258m.
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