Manufacturer moves step closer to listing on AIM

Industrial chains and power transmission manufacturer Renold has taken  another step towards  moving from the main London Stock Exchange to AIM.

Last autumn the Manchester firm said that its board was considering whether to move onto the junior market.

The company said the move would improve its ability to carry out deals.

In April, it launched the first phase of the process by calling a general meeting and putting resolutions to shareholders for approval.

The resolutions were passed last month.

The firm has now outlined further details of the move, with the aim being that its shares will be admitted to trading on AIM next week

The number of ordinary shares of five pence each for which admission will be sought is 225,417,740.

No funds would be raised but Renold’s market capitalisation is anticipated to be £68m.