Ferguson Announces Cancellation of London Secondary Listing
Ferguson announced its intention to cancel the secondary listing of the company's common stock on the Equity Shares category of the Official List of the U.K. Financial Conduct Authority, or FCA; and the admission to trading of its Common Stock on the London Stock Exchange's - LSE - main market for listed securities - together, the London Delisting - with effect from July 20. The board believes it is in the best interests of the company and its shareholders for the following reasons: liquidity on the NYSE now far outweighs liquidity on the LSE; its shareholding base is largely North American; eliminates the cost and complexity of maintaining a secondary listing while also simplifying the company's corporate governance requirements; and completes alignment with the company's pure North American business profile and operations, headquarters and leadership with its listing structure. No shareholder approval is required for the London Delisting. It is intended that the London Delisting will become effective from 8:00 a.m. U.K. time on July 20, such that the last date of trading of the Common Stock on the LSE will be July 17. The company will maintain its listing of its stock on the NYSE.
