3rd Feb 2021 08:30
(Alliance News) - Ferguson PLC on Wednesday said it is in the process of registering with the US Securities & Exchange Commission to enable trading of its shares in the US.
The FTSE 100-listed plumbing and heating products distributor received shareholder approval for US listing back in July. It anticipates its additional listing will become effective in early March and confirmed that it has applied to list its ordinary shares on the New York Stock Exchange.
In addition, Ferguson said it will retain its premium listing on the London Stock Exchange and inclusion in the FTSE 100 index.
As a result of the additional US Listing, Ferguson's current American depositary receipt scheme managed by JP Morgan Chase Bank will be terminated. Existing Ferguson American depositary shares will be cancelled and exchanged for Ferguson ordinary shares in accordance with the applicable American depositary receipt exchange ratio, it added.
On Monday, Ferguson completed the GBP308 million sale of heating & plumbing distribution business Wolseley UK to US private equity firm Clayton, Dubilier & Rice LLC, saying in January that the disposal means it will be able to "focus entirely" on its North American business.
Shares in Ferguson were up 1.4% at 8,860.00 pence in London on Wednesday morning.
By Zoe Wickens; [email protected]
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