Luxury cinema chain Everyman is preparing to move its listing from the London Stock Exchange's Aim market to a private markets platform. The London-headquartered group intends to join Asset Match’s Private Intermittent Securities and Capital Exchange System (Pisces) on 12 November, pending shareholder approval on 30 October.
This transition would make Everyman the first company to cancel its admission to Aim and opt to join a Pisces market. The group plans to enable secondary trading on the platform through periodic auctions, moving away from the continuous trading model of Aim.
Everyman stated that its market value does not reflect its achievements or prospects. The firm believes private ownership will allow it to take more significant measures for survival amidst competition from streaming services. It also plans to shift its business model to rely less on ticket sales and more on corporate partnerships and private cinema hire, targeting £170m in annual revenue by the end of the decade.
Despite the move, Everyman anticipates that liquidity on Asset Match could be lower than on Aim, with less frequent trading and less time for shareholders to assess stock value between auction events. Everyman will be the second company to join Asset Match's Pisces market, following British brewery Wadworth in August.