Mothercare has announced its intentions to float on admission (AIM) on the junior stock market at £0.01 per ordinary share.
Following this move, the company stated that its admission of the ordinary shares on the main market of the London stock exchange and to the premium listing segment of the official list will be cancelled.
Upon admission, 374,192,494 ordinary shares will be issued with a further 189,644,132 to be admitted following the Convertible Unsecured Loan Stock (CULS) conversion of £19m shareholder loans into ordinary shares.
Clive Whiley, chairman of Mothercare, said: “The admission to AIM marks the conclusion of this final phase of the refinancing and restructuring of Mothercare. This period of hard work, effort and forbearance by our staff and stakeholders has paid off, and Mothercare can look forward to a brighter and stable future once more.”
Whiley claimed that the group was not immune to the impact of the pandemic on its franchise partners’ operations around the world but has arrived on AIM “in good shape”.
He said: “Mothercare faces the future as a conservatively financed, cash generative and profitable business for the first time in many years. That is an exciting prospect for all of our staff and stakeholders.”