Wolseley is parent to U.S.-based wholesaling giant Ferguson (Newport News, VA), and Wolseley Canada, Ontario, Canada, which operate in its U.S. & Canada North American Plumbing & Heating division, while Stock Building Supply, Raleigh, NC, operates under its U.S. Building Materials division.
Wolseley said it would maintain its ADR facility as a Level 1 ADR program. Its ADRs will be traded on the U.S. over-the-counter market, known as International OTCQX, under the symbol WOSLY.
The company has not arranged for the listing of its ADRs or ordinary shares on another national securities exchange or for the quotation of its ADRs or ordinary shares in a quotation medium in the United States. Its ordinary shares will still be traded on the London Stock Exchange. Wolseley’s annual report and accounts and other documents and communications will continue to be published on its Web site: www.wolseley.com in accordance with Exchange Act Rule 12g3-2(b).
“This decision is entirely consistent with our objective of simplification as it reduces costs and complexity without in any way detracting from the integrity of our governance and control procedures,” Steve Webster, chief financial officer, said in a statement. He noted that only about 1% of the company’s shares are held in the ADR program and the average trading volume for the year ended July 31, 2007 was less than 1%.
“We do not believe it is appropriate from a cost and administrative perspective to continue with the reporting obligations under the Exchange Act,” Webster said. “Our business strategy remains the same and North America is, and will continue to be, a key market for Wolseley; it currently accounts for approximately 50% of group revenue.”
For more information, visit www.wolseley.com.
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