Ferguson announced the completion of its additional U.S. listing on the New York Stock Exchange. Ferguson will retain its premium listing on the London Stock Exchange and inclusion in the FTSE 100 index, and its ordinary shares will trade on both exchanges under the ticker symbol: FERG.
The Board expects that over time the Additional US Listing will facilitate increased ownership by domestic US funds. The Executive team is undertaking additional investor engagement in the US to enhance understanding and awareness of Ferguson’s business amongst this significant incremental pool of capital.
As a result of the Additional US Listing and also effective today, Ferguson’s current American Depositary Receipt (ADR) program managed by J.P. Morgan Chase Bank, N.A. has been terminated. Existing Ferguson American Depositary Shares (ADSs) will be mandatorily cancelled and exchanged for Ferguson ordinary shares in accordance with the applicable ADR exchange ratio. Further information regarding this exchange process has been communicated separately to ADR holders by J.P. Morgan Chase.
Commenting on the Additional US Listing Geoff Drabble, Chairman of Ferguson plc said, “Today’s announcement follows on from the recent disposal of Wolseley UK which means that 100 per cent of our revenues are now generated in North America. The Board believes the natural long term listing location is the US and in April 2020, we set out a two-step process to achieving this aim. The additional US listing is an important milestone and as previously announced, after a period of transition the Board intends to hold a shareholder vote on a proposal to change the primary listing to the US.”