Ferguson plc announces that its Form 20-F registration statement filed with the U.S. Securities & Exchange Commission (SEC) regarding the additional U.S. listing of its ordinary shares (‘Additional U.S. Listing’) became effective on March 8, 2021. Trading in its ordinary shares on the New York Stock Exchange (NYSE) commenced the same day. 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 U.S. listing will facilitate increased ownership by domestic U.S. funds. The executive team is undertaking additional investor engagement in the U.S. to enhance understanding and awareness of Ferguson’s business among this significant incremental pool of capital.
As a result of the additional U.S. listing, 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.
“[The] 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,” said Geoff Drabble, chairman of Ferguson plc. “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.”
