Ferguson PLC Announces Director/PDMR Shareholding
Ferguson plc (LSE:FERG, NYSE:FERG) announced the termination of its American Depositary Receipt (ADR) program on March 8, 2021, transitioning to a full listing of ordinary shares on the NYSE. This mandatory exchange involved converting 18,952 ADSs into 1,895 ordinary shares at a 10:1 ratio, among other PDMRs exchanging varying amounts of ADSs for ordinary shares. No consideration was involved in these exchanges. The notification complies with EU Market Abuse Regulation, detailing the transactions of key managerial personnel including the Group CEO and CFO.
- Transition to NYSE listing may enhance liquidity and investor access.
- Compliance with regulatory requirements demonstrates transparency.
- Mandatory exchange of ADSs indicates a potential reduction in foreign investment interest.
- No consideration received for the exchanges may raise concerns among investors regarding value retention.
NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ("PDMRs") IN ORDINARY SHARES OF 10p EACH IN THE COMPANY ("Shares")
WOKINGHAM, ENGLAND / ACCESSWIRE / March 11, 2021 / Ferguson plc ("Company") (LSE:FERG)(NYSE:FERG) As announced on March 8, 2021, the Company terminated its American Depositary Receipt program in connection with the additional US listing of its ordinary shares on the New York Stock Exchange.
This notification relates to those PDMRs who previously held ADSs which represented one-tenth of an ordinary share in the capital of Ferguson plc. The ADSs were mandatorily exchanged for nil consideration at a ratio of 10 ADSs to 1 ordinary share on March 8, 2021. This is a notifiable transaction and does not involve any disposal of such interests. Fractional share entitlements arising in connection with such exchange will shortly be sold in the market and an appropriate notification made in due course.
The attached notifications, which have been made in accordance with the requirements of the EU Market Abuse Regulation (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018), provide further detail.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Kevin Murphy | ||||
2 | Reason for the notification | |||||
a) | Position/status | Group Chief Executive Officer | ||||
b) | Initial/Amendment notification | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ferguson plc | ||||
b) | LEI | 213800DU1LGY3R2S2X42 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | American Depositary Shares (ADS) in Ferguson plc. ISIN: US31502A3032 | ||||
b) | Nature of the transaction | Automatic mandatory exchange of 18,952 American Depositary Shares (ADS) for 1,895 ordinary shares for nil consideration where 10 ADSs represented 1 ordinary share | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A single transaction | ||||
e) | Date of the transaction | 2021-03-08; UTC time | ||||
f) | Place of the transaction | New York and London | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | William Brundage | ||||
2 | Reason for the notification | |||||
a) | Position/status | Group Chief Financial Officer | ||||
b) | Initial/Amendment notification | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ferguson plc | ||||
b) | LEI | 213800DU1LGY3R2S2X42 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | American Depositary Shares (ADS) in Ferguson plc. ISIN: US31502A3032 | ||||
b) | Nature of the transaction | Automatic mandatory exchange of 8,946 American Depositary Shares (ADS) for 894 ordinary shares for nil consideration where 10 ADSs represented 1 ordinary share | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A single transaction | ||||
e) | Date of the transaction | 2021-03-08; UTC time | ||||
f) | Place of the transaction | New York and London | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Thomas Schmitt | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non Executive Director | ||||
b) | Initial/Amendment notification | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ferguson plc | ||||
b) | LEI | 213800DU1LGY3R2S2X42 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | American Depositary Shares (ADS) in Ferguson plc. ISIN: US31502A3032 | ||||
b) | Nature of the transaction | Automatic mandatory exchange of 13,500 American Depositary Shares (ADS) for 1,350 ordinary shares for nil consideration where 10 ADSs represented 1 ordinary share | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A single transaction | ||||
e) | Date of the transaction | 2021-03-08; UTC time | ||||
f) | Place of the transaction | New York and London | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
a) | Name | Michael Brooks | ||||||||
2 | Reason for the notification | |||||||||
a) | Position/status | Chief Marketing Officer, USA | ||||||||
b) | Initial/Amendment notification | Initial notification | ||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name | Ferguson plc | ||||||||
b) | LEI | 213800DU1LGY3R2S2X42 | ||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
a) | Description of the financial instrument, type of instrument Identification code | American Depositary Shares (ADS) in Ferguson plc. ISIN: US31502A3032 | ||||||||
b) | Nature of the transaction | 1. Automatic mandatory exchange of 6,025 American Depositary Shares (ADS) for 602 ordinary shares for nil consideration where 10 ADSs represented 1 ordinary share 2. Automatic mandatory exchange of 190 American Depositary Shares (ADS) for 19 ordinary shares for nil consideration where 10 ADSs represented 1 ordinary share | ||||||||
c) | Price(s) and volume(s) | 1.
2.
| ||||||||
d) | Aggregated information - Aggregated volume - Price | 6,215 ADS converting into 621 ordinary shares Nil consideration | ||||||||
e) | Date of the transaction | 2021-03-08; UTC time | ||||||||
f) | Place of the transaction | New York and London | ||||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Andrew Devine | ||||
2 | Reason for the notification | |||||
a) | Position/status | Senior Vice President of Sales | ||||
b) | Initial/Amendment notification | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ferguson plc | ||||
b) | LEI | 213800DU1LGY3R2S2X42 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | American Depositary Shares (ADS) in Ferguson plc. ISIN: US31502A3032 | ||||
b) | Nature of the transaction | Automatic mandatory exchange of 12,795 American Depositary Shares (ADS) for 1,279 ordinary shares for nil consideration where 10 ADSs represented 1 ordinary share | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A single transaction | ||||
e) | Date of the transaction | 2021-03-08; UTC time | ||||
f) | Place of the transaction | New York and London | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Alex Hutcherson | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Operating Officer, USA | ||||
b) | Initial/Amendment notification | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ferguson plc | ||||
b) | LEI | 213800DU1LGY3R2S2X42 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | American Depositary Shares (ADS) in Ferguson plc. ISIN: US31502A3032 | ||||
b) | Nature of the transaction | Automatic mandatory exchange of 14,544 American Depositary Shares (ADS) for 1,454 ordinary shares for nil consideration where 10 ADSs represented 1 ordinary share | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A single transaction | ||||
e) | Date of the transaction | 2021-03-08; UTC time | ||||
f) | Place of the transaction | New York and London | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | William Thees | ||||
2 | Reason for the notification | |||||
a) | Position/status | Senior Vice President, Business and National Accounts | ||||
b) | Initial/Amendment notification | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ferguson plc | ||||
b) | LEI | 213800DU1LGY3R2S2X42 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | American Depositary Shares (ADS) in Ferguson plc. ISIN: US31502A3032 | ||||
b) | Nature of the transaction | Automatic mandatory exchange of 11,137 American Depositary Shares (ADS) for 1,113 ordinary shares for nil consideration where 10 ADSs represented 1 ordinary share | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A single transaction | ||||
e) | Date of the transaction | 2021-03-08; UTC time | ||||
f) | Place of the transaction | New York and London | ||||
Enquiries:
Graham Middlemiss, Group Company Secretary
(+44 (0) 118 927 3800)
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SOURCE: Ferguson PLC
View source version on accesswire.com:
https://www.accesswire.com/634959/Ferguson-PLC-Announces-DirectorPDMR-Shareholding
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