Luxury cinema chain Everyman is poised to abandon its London listing in favour of a private markets platform, following pressure from major shareholders. The London-based group is scheduled to join Asset Match's Private Intermittent Securities and Capital Exchange System (Pisces) on November 12, pending shareholder approval on October 30.
First AIM departure for Pisces
The switch would make Everyman the first firm to cancel its Aim admission and instead opt for a Pisces market, as reported by City AM. The company said it plans to facilitate secondary trading on the platform, hosting periodic auctions where investors can buy or sell shares, bringing an end to the continuous trading that took place on AIM.
Iain Baillie, founder and executive chair of Asset Match, said: "It represents a significant moment for Pisces, demonstrating how the framework can support established consumer brands seeking a more flexible alternative to a traditional public listing."
Industry context and platform competition
Hannah Woodley, commercial director of Asset Match, also noted on LinkedIn that Everyman's decision highlighted the mounting challenges smaller firms encounter when attempting to raise capital or trade shares on the stock market. The cinema chain acknowledged, however, that it anticipates liquidity on Asset Match could potentially be lower than on Aim, with less frequent trading and reduced time for shareholders to evaluate their holdings between auction events.
Everyman's arrival marks it as the second business to join Asset Match's Pisces market, following British brewery Wadworth in August. Landing Everyman provides the platform with momentum as it vies with the London Stock Exchange market, which counts Wayve, Moneybox and Veremark amongst its members. In contrast, JP Jenkins has welcomed just one organisation under its framework to date, completing the deal for digital board game maker Qplay in March. Vestd has yet to onboard a company to its framework.
Reasons for leaving AIM
Everyman initially revealed in June that three of its directors, who collectively control nearly 46 per cent of its shares, preferred departing London's public market. The upmarket cinema chain informed shareholders this week that it believes its market value "does not reflect the positive achievements nor the underlying prospects of the business".
The company said private ownership will enable it to implement more drastic measures to secure its survival during a turbulent period for the cinema sector, as it grapples with fierce competition from streaming platforms. Everyman said its financial performance can "change materially" each year, depending on the quality and number of films released. The resulting lack of accurate earnings guidance has "negatively impacted investor sentiment," the firm said.
The company said it intends to transform its business model to depend less on ticket sales and more on corporate partnerships and private hire of its cinemas, as it aims for annual revenue of £170m by the decade's end. This strategic shift will expose Everyman to a "period of volatility" in its performance, which could have put its share price at risk had it remained publicly listed, the firm said.
