Ferguson Enterprises Inc.: Establishment of new corporate structure, cancellation of Ferguson plc listing and admission of Ferguson Enterprises Inc. common stock
Ferguson Enterprises Inc. has completed its transition to become the new parent company of the Ferguson plc group, establishing a new corporate structure in the United States. The merger, effective August 1, 2024, involved Ferguson (Jersey) 2 merging with Ferguson plc. Ferguson plc shareholders received one share of Ferguson Enterprises Inc. common stock for each Ferguson plc ordinary share.
As a result, Ferguson plc's listing on the London Stock Exchange was cancelled, and 201,343,253 shares of Ferguson Enterprises Inc. common stock were admitted to trading on the LSE. The company's stock will continue to trade under the symbol 'FERG' on both the NYSE and LSE. Ferguson plc has been re-registered as a private company in Jersey, Channel Islands, and renamed Ferguson (Jersey)
Ferguson Enterprises Inc. ha completato la sua transizione per diventare la nuova società madre del gruppo Ferguson plc, stabilendo una nuova struttura aziendale negli Stati Uniti. La fusione, entrata in vigore il 1° agosto 2024, ha coinvolto la fusione di Ferguson (Jersey) 2 con Ferguson plc. Gli azionisti di Ferguson plc hanno ricevuto un'azione delle azioni ordinarie di Ferguson Enterprises Inc. per ogni azione ordinaria di Ferguson plc.
Di conseguenza, la quotazione di Ferguson plc sulla Borsa di Londra è stata annullata e 201.343.253 azioni ordinarie di Ferguson Enterprises Inc. sono state ammesse alla negoziazione sulla LSE. Le azioni della società continueranno a essere scambiate con il simbolo 'FERG' sia sulla NYSE che sulla LSE. Ferguson plc è stata ri-registrata come società privata a Jersey, nelle Isole del Canale, ed è stata ribattezzata Ferguson (Jersey).
Ferguson Enterprises Inc. ha completado su transición para convertirse en la nueva empresa matriz del grupo Ferguson plc, estableciendo una nueva estructura corporativa en los Estados Unidos. La fusión, que entra en vigor el 1 de agosto de 2024, implicó la fusión de Ferguson (Jersey) 2 con Ferguson plc. Los accionistas de Ferguson plc recibieron una acción de las acciones ordinarias de Ferguson Enterprises Inc. por cada acción ordinaria de Ferguson plc.
Como resultado, la cotización de Ferguson plc en la Bolsa de Valores de Londres fue cancelada, y 201.343.253 acciones ordinarias de Ferguson Enterprises Inc. fueron admitidas a negociación en la LSE. Las acciones de la empresa seguirán negociándose bajo el símbolo 'FERG' tanto en la NYSE como en la LSE. Ferguson plc ha sido re-registrada como una empresa privada en Jersey, Islas del Canal, y ha sido renombrada como Ferguson (Jersey).
퍼거슨 엔터프라이즈 주식회사는 퍼거슨 plc 그룹의 새로운 모회사가 되기 위한 전환을 완료하고 미국에 새로운 기업 구조를 설립했습니다. 2024년 8월 1일 발효된 이번 합병은 퍼거슨(Jersey) 2와 퍼거슨 plc의 합병을 포함했습니다. 퍼거슨 plc 주주들은 퍼거슨 plc의 보통주 한 주당 퍼거슨 엔터프라이즈 주식회사의 보통주 한 주를 받았습니다.
그 결과, 퍼거슨 plc의 런던 증권 거래소 상장은 취소되었으며, 201,343,253 주의 퍼거슨 엔터프라이즈 주식회사의 보통주가 LSE에서 거래가 승인되었습니다. 이 회사의 주식은 NYSE와 LSE에서 모두 'FERG'라는 심볼로 계속 거래될 것입니다. 퍼거슨 plc는 저지, 채널 제도에서 사기업으로 재등록되었으며 퍼거슨(Jersey)로 이름이 변경되었습니다.
Ferguson Enterprises Inc. a achevé sa transition pour devenir la nouvelle société mère du groupe Ferguson plc, établissant une nouvelle structure d'entreprise aux États-Unis. La fusion, qui prendra effet le 1er août 2024, a impliqué la fusion de Ferguson (Jersey) 2 avec Ferguson plc. Les actionnaires de Ferguson plc ont reçu une action de Ferguson Enterprises Inc. pour chaque action ordinaire de Ferguson plc.
En conséquence, la cotation de Ferguson plc sur la Bourse de Londres a été annulée et 201.343.253 actions ordinaires de Ferguson Enterprises Inc. ont été admises à la négociation à la LSE. Les actions de la société continueront à être négociées sous le symbole 'FERG' tant sur le NYSE que sur la LSE. Ferguson plc a été réenregistré en tant que société privée à Jersey, dans les îles anglo-normandes, et a été renommé Ferguson (Jersey).
Die Ferguson Enterprises Inc. hat ihren Übergang zur neuen Muttergesellschaft der Ferguson plc-Gruppe abgeschlossen und eine neue Unternehmensstruktur in den Vereinigten Staaten etabliert. Die Fusion, die am 1. August 2024 in Kraft tritt, beinhaltete die Fusion von Ferguson (Jersey) 2 mit Ferguson plc. Die Aktionäre von Ferguson plc erhielten eine Aktie der Ferguson Enterprises Inc. Stammaktien für jede Stammaktie von Ferguson plc.
Infolgedessen wurde die Notierung von Ferguson plc an der Londoner Börse storniert, und 201.343.253 Stammaktien der Ferguson Enterprises Inc. wurden zum Handel an der LSE zugelassen. Die Aktien des Unternehmens werden weiterhin unter dem Symbol 'FERG' sowohl an der NYSE als auch an der LSE gehandelt. Ferguson plc wurde als private Gesellschaft in Jersey, Kanalinseln, neu registriert und in Ferguson (Jersey) umbenannt.
- Successful completion of corporate restructuring to domicile in the United States
- Maintained listing on both NYSE and LSE under the same 'FERG' symbol
- One-to-one share exchange for shareholders, potentially simplifying ownership structure
- Potential regulatory and compliance changes due to new U.S. domicile
- Possible short-term market volatility due to structural changes
Insights
The establishment of Ferguson Enterprises Inc. as the new parent company of the Ferguson plc group marks a significant shift in the company's corporate structure. This move to domicile the ultimate parent company in the United States could have several implications:
- Tax considerations: The relocation may offer potential tax benefits, although the specific advantages would require a detailed analysis of the company's financial structure and the tax laws of both jurisdictions.
- Regulatory environment: Operating under U.S. regulations might provide different opportunities or challenges compared to the previous UK-based structure.
- Investor perception: This move could potentially broaden the company's appeal to U.S. investors, who may be more familiar with U.S.-domiciled entities.
The 1:1 share exchange ensures that existing shareholders maintain their proportional ownership, which is a positive aspect of this transition. However, investors should be aware that this structural change might impact the company's financial reporting standards, potentially shifting from IFRS to U.S. GAAP, which could affect how financial results are presented and interpreted.
While the immediate impact on day-to-day operations may be minimal, this restructuring positions Ferguson for potential strategic moves in the future, possibly including easier access to U.S. capital markets or simplified M&A processes within the U.S. market.
The transition of Ferguson's listing from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE) as its primary listing, while maintaining a secondary listing on the LSE, is a noteworthy development for investors. Key points to consider:
- Liquidity: The NYSE listing may potentially increase liquidity for the stock, given the size and depth of the U.S. market.
- Index inclusion: This move could affect Ferguson's inclusion in various stock indices, which may impact institutional ownership and trading volumes.
- Analyst coverage: There might be a shift in analyst coverage, potentially leading to changes in market perception and valuation multiples.
The continuation of the
It's important for investors to monitor any changes in the stock's behavior post-transition, including factors such as bid-ask spreads, trading volumes and any arbitrage opportunities that may arise between the NYSE and LSE listings. While the company aims for a seamless transition, there may be short-term volatility as the market adapts to the new structure.
On August 1, 2024, Ferguson plc implemented the new corporate structure by completing the merger (the “Merger”) of Ferguson (Jersey) 2 Limited (“Merger Sub”), a newly formed Jersey incorporated private limited company and direct, wholly owned subsidiary of the Company, with and into Ferguson plc, with Ferguson plc surviving the Merger as a direct, wholly owned subsidiary of the Company and Merger Sub ceasing to exist, on the terms and subject to the conditions of the Merger Agreement, dated as of February 29, 2024, by and among the Company, Merger Sub and Ferguson plc.
Pursuant to the Merger, at 12:01 a.m. Eastern Time / 5:01 a.m.
In connection with the Merger, with effect from 3:00 a.m. Eastern Time / 8:00 a.m.
The Company’s common stock will trade on the NYSE and the LSE under the symbol “FERG”, the same symbol that has attached to Ferguson plc’s ordinary shares.
As of August 1, 2024, Ferguson plc has also been re-registered as a private company incorporated in Jersey,
Important Information for Investors and Shareholders
THIS ANNOUNCEMENT AND THE INFORMATION HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO PERSONS, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BREACH ANY APPLICABLE LAW.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Ferguson
Ferguson (NYSE: FERG; LSE: FERG) is the largest value-added distributor serving the specialized professional in our
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Source: Ferguson Enterprises Inc.
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