Trading in Unbound to get underway on AIM
Unbound has confirmed it will transfer to the London Stock’s Exchange’s junior market early next week.
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The shift will mark the end of a lengthy demerger process, which began last year when listed investment trust Electra Private Equity said it would spin off its Fridays restaurant chain - formerly known as TGI Fridays - as standalone company Hostmore.
The demerger of Hostmore, which also owns the 63rd+1st restaurant brand, happened in November, leaving Electra with a single investment, retailer Hotter Shoes.
Since then, Electra has renamed itself Unbound and stopped being an investment trust, with the final step being the scheduled transfer to AIM. The delisting from the main market and admission onto AIM are scheduled to happen at 0800 GMT on 1 February.
At the time of Hostmore’s market debut in November, Electra said: "Unbound will leverage the highly attractive customer database and the scalable digital infrastructure of Hotter to become a broader business seller other products and services, with related consumer benefits, to the same targeted demographic."
Stifel has been appointed Unbound’s nominated advisor and corporate broker. Unbound is due to publish its admission document later on Thursday.