Brighton Pier Group has become the latest company to join liquidity venue JP Jenkins, following its departure from the AIM stock market.
The firm, which owns Brighton Palace Pier, Lightwater Valley Family Adventure Park, and a collection of bars and mini-golf sites, announced its intention to leave AIM in early April, as reported by .
It cited high costs, market volatility, and lack of liquidity as reasons for its exit.
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The company estimates that leaving the stock market could save it up to £300k annually in administrative costs. "The considerable cost and management time and the legal and regulatory burden associated with maintaining the Company's admission to trading on AIM are, in the Board's opinion, disproportionate to the benefits of the Company's continued admission to trading on AIM," stated Brighton Pier Group.
Since then, the firm has arranged for its shares to be traded on JP Jenkins, a platform that provides a share trading venue for unlisted or unquoted assets in companies. On this platform, shareholders can buy and sell equity on a matched bargain basis.
The company will have a market cap of £4.7m on the platform.
Existing shareholders who wish to sell their stock can do so through their stockbroker, according to Brighton Pier Group. The company also revealed that it is "in discussions" with major shareholders regarding the refinancing of its bank debt.
Record sign-ups
JP Jenkins has experienced a remarkable influx of companies, with a record number joining in March, escalating the total to 49 by the end of the first quarter. This momentum continued into April with model train company Hornby arriving on the platform following its announcement to leave AIM in March.
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The aggregate value of the firms traded on JP Jenkins' platform has now hit a substantial £2bn.
Mike McCudden, the Chief Executive Officer at JP Jenkins, commented: "The pace of growth underlines the demand from issuers and investors to find innovative ways to match buyers and sellers of securities and I look forward to us delivering further success as 2025 unfolds."