Retailer aims to reduce costs and regulatory burden

  • The Works shareholders vote to transfer retailer’s shares from the main market to AIM
  • 99.7% of shareholders agreed to move to the smaller market
  • The move is aimed at reducing costs and regulatory burden
  • Last day of dealings on the main market will be 2 May
  • Cancellation of shares expected to take effect on 3 May
  • The Works expects to start dealing in ordinary shares on 3 May
  • The move is supported by major shareholders
  • The Works reported widening pre-tax losses in January

The Works shareholders have voted to transfer the retailer’s shares from the main market of London’s Stock Exchange to its sub-market AIM. The move, supported by 99.7% of shareholders, is aimed at reducing costs and the regulatory burden. The last day of dealings on the main market will be 2 May, with the cancellation of shares expected to take effect on 3 May. The Works expects to start dealing in ordinary shares on the same day. The move is supported by major shareholders. In January, The Works reported widening pre-tax losses.

Factuality Level: 8
Factuality Justification: The article provides a straightforward report on The Works shareholders’ decision to transfer retailer’s shares from the main market of London’s Stock Exchange to its sub-market AIM in order to reduce costs. It includes relevant information such as the reasons for the change, the percentage of shareholders in agreement, and the timeline for the transition. There are no obvious signs of bias, sensationalism, or inaccuracies in the reporting.
Noise Level: 3
Noise Justification: The article provides relevant information about The Works shareholders voting to transfer retailer’s shares to a smaller market to reduce costs. It includes details about the reasons for the change, shareholder agreement percentage, and the expected timeline for the transfer. The article stays on topic and does not contain irrelevant or misleading information. It supports its claims with quotes from the company’s chair and information about the business’s financial situation. However, the article could benefit from more in-depth analysis of the potential consequences of the move and the long-term implications for the company.
Financial Relevance: Yes
Financial Markets Impacted: The article pertains to the transfer of The Works’ shares from the main market of London’s Stock Exchange to its sub-market AIM. This decision is aimed at reducing costs and improving shareholder value.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses a financial decision made by The Works to transfer its shares to a different market. There is no mention of any extreme event or its impact.

Reported publicly: www.retailgazette.co.uk