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Young's seeks shareholder go-ahead to move to AIM

06 May 2005
Young's seeks shareholder go-ahead to move to AIM

Young's, the London-based brewer and pub operator, has announced plans to simplify its three-tiered share structure and move from the main market to the Alternative Investment Market (AIM).

The group intends to convert its B shares into A shares, without sacrificing the inheritance tax benefits of the former. The B shares, which are held by members of the Young family, account for 57% of the vote.

Young's said switching its A shares and non-voting shares to AIM would reduce costs and simplify administrative requirements.

The move requires shareholder approval for smaller transactions, but it will make it easier for the group to pursue acquisitions, although it will also make it more vulnerable to a takeover.

The group will seek shareholder approval for the switch at an extraordinary general meeting on 2 June.

If it gets the go-ahead, Young's expects to cease trading on the main list on 4 July and start trading on AIM the following day.

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