16th Feb 2016 12:08
LONDON (Alliance News) - Signet Jewelers Ltd, which owns jewellery stores in the US, UK and Canada, primarily operating in the mid-market, on Tuesday said it has decided to cancel the standard listing of its shares on the main market of the London Stock Exchange.
In connection with the delisting, the company wants to terminate Signet's UK depositary interest facility, which was established in 2008 to facilitate trading of Signet's shares on the exchange. The company's shares will continue to be traded on the New York Stock Exchange.
"Signet has decided to apply for the voluntary delisting of its shares because of the lack of liquidity on the LSE and to streamline administrative procedures and reduce costs from maintaining two listings," the company said.
The move follows a review of Signet's stock exchange listings last year. The review found that the total trades placed on the London Stock Exchange in 2014 equalled around five days of trading on US exchanges.
Shares in Signet were up 1.0% at 6,866.00 pence in London on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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