Ferguson plc: Establishment of New Corporate Structure, Cancellation of Ferguson plc Listing and Admission of Ferguson Enterprises Inc. Common Stock
Ferguson plc has completed its transition to a new corporate structure, with Ferguson Enterprises Inc. (FERG) becoming the ultimate parent company domiciled in the United States. The merger, effective August 1, 2024, involved a 1:1 share exchange, with Ferguson plc shareholders receiving one share of Ferguson Enterprises Inc. common stock for each Ferguson plc ordinary share held.
As part of this restructuring, Ferguson plc's listing on the London Stock Exchange (LSE) was cancelled, and 201,343,253 shares of Ferguson Enterprises Inc. common stock were admitted to the LSE's main market. The company's shares 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 plc ha completato la sua transizione verso una nuova struttura corporativa, con Ferguson Enterprises Inc. (FERG) che è diventata la società madre principale domiciliata negli Stati Uniti. La fusione, efficace dal 1 agosto 2024, ha comportato uno scambio azionario 1:1, con gli azionisti di Ferguson plc che ricevono una azione ordinaria di Ferguson Enterprises Inc. per ogni azione ordinaria di Ferguson plc posseduta.
Come parte di questa ristrutturazione, la quotazione di Ferguson plc sulla Borsa di Londra (LSE) è stata cancellata, e 201.343.253 azioni ordinarie di Ferguson Enterprises Inc. sono state ammesse al mercato principale della LSE. Le azioni della società continueranno a essere negoziate con il simbolo 'FERG' sia sulla NYSE che sulla LSE. Ferguson plc è stata ri-registrata come società privata a Jersey, Isole del Canale, e rinominata Ferguson (Jersey).
Ferguson plc ha completado su transición a una nueva estructura corporativa, con Ferguson Enterprises Inc. (FERG) convirtiéndose en la empresa matriz domiciliada en los Estados Unidos. La fusión, efectiva a partir del 1 de agosto de 2024, implicó un intercambio de acciones de 1:1, donde los accionistas de Ferguson plc reciben una acción ordinaria de Ferguson Enterprises Inc. por cada acción ordinaria de Ferguson plc que posean.
Como parte de esta reestructuración, la cotización de Ferguson plc en la Bolsa de Londres (LSE) fue cancelada, y 201.343.253 acciones ordinarias de Ferguson Enterprises Inc. fueron admitidas en el mercado principal de la LSE. Las acciones de la empresa continuarán cotizando bajo el símbolo 'FERG' tanto en la NYSE como en la LSE. Ferguson plc ha sido registrada nuevamente como una empresa privada en Jersey, Islas del Canal, y renombrada como Ferguson (Jersey).
퍼거슨 plc는 새로운 기업 구조로의 전환을 완료하였으며, 퍼거슨 엔터프라이즈 주식회사(FERG)는 미국에 본사를 둔 최종 모회사로 자리잡았습니다. 이번 합병은 2024년 8월 1일부터 효력이 발생하며, 퍼거슨 plc 주주들은 보유한 각 퍼거슨 plc 보통주에 대해 퍼거슨 엔터프라이즈 주식회사 보통주 1주를 받게 됩니다.
이 재구성의 일환으로, 퍼거슨 plc의 런던 증권 거래소(LSE) 상장은 취소되었으며, 201,343,253주의 퍼거슨 엔터프라이즈 주식회사 보통주가 LSE의 주요 시장에 상장되었습니다. 이 회사의 주식은 NYSE와 LSE 모두에서 'FERG' 기호로 계속 거래됩니다. 퍼거슨 plc는 채널 제도의 저지에서 사기업으로 재등록되었으며, 이름이 퍼거슨(저지)로 변경되었습니다.
Ferguson plc a achevé sa transition vers une nouvelle structure d'entreprise, avec Ferguson Enterprises Inc. (FERG) devenant la société mère ultime domiciliée aux États-Unis. La fusion, qui prendra effet le 1er août 2024, a impliqué un échange d'actions de 1:1, les actionnaires de Ferguson plc recevant une action ordinaire de Ferguson Enterprises Inc. pour chaque action ordinaire de Ferguson plc détenue.
Dans le cadre de cette restructuration, la cotation de Ferguson plc à la Bourse de Londres (LSE) a été annulée, et 201.343.253 actions ordinaires de Ferguson Enterprises Inc. ont été admises sur le marché principal de la LSE. Les actions de l'entreprise continueront d'être négociées sous le symbole 'FERG' à la fois sur la NYSE et la LSE. Ferguson plc a été réenregistrée en tant qu'entreprise privée à Jersey, dans les îles Anglo-Normandes, et renommée Ferguson (Jersey).
Die Ferguson plc hat ihren Übergang zu einer neuen Unternehmensstruktur abgeschlossen, wobei die Ferguson Enterprises Inc. (FERG) das endgültige Mutterunternehmen mit Sitz in den Vereinigten Staaten geworden ist. Die Fusion, die am 1. August 2024 wirksam wird, beinhaltete einen Aktienumtausch im Verhältnis 1:1, wobei die Aktionäre von Ferguson plc eine Stammaktie der Ferguson Enterprises Inc. für jede gehaltene Stammaktie von Ferguson plc erhalten.
Im Rahmen dieser Umstrukturierung wurde die Notierung von Ferguson plc an der Londoner Börse (LSE) aufgehoben, und 201.343.253 Stammaktien der Ferguson Enterprises Inc. wurden am Hauptmarkt 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 auf Jersey, Kanalinseln, neu registriert und in Ferguson (Jersey) umbenannt.
- Completion of corporate restructuring to establish U.S. domicile
- Seamless 1:1 share exchange for shareholders
- Continued dual listing on NYSE and LSE under the same 'FERG' symbol
- None.
Insights
The completion of Ferguson plc's corporate restructuring marks a significant shift in the company's domicile to the United States. This move, while primarily administrative, carries several implications for investors:
- Enhanced alignment with U.S. capital markets, potentially increasing liquidity and investor base
- Simplified corporate structure, which may lead to improved operational efficiency and cost savings
- Possible inclusion in U.S. stock indices, potentially driving demand for the stock
However, investors should be aware of potential challenges:
- Changes in tax implications for non-U.S. shareholders
- Potential shifts in regulatory oversight and reporting requirements
- Short-term volatility as the market adjusts to the new structure
The 1:1 share exchange ensures continuity for existing shareholders, minimizing immediate disruption. The dual listing on NYSE and LSE under the same ticker
The relocation of Ferguson's primary listing to the U.S. is a strategic move that could significantly impact its market dynamics. Key considerations for investors include:
- Increased visibility to U.S. investors, potentially broadening the shareholder base
- Possible inclusion in major U.S. indices like the S&P 500, which could drive passive investment inflows
- Enhanced comparability with U.S. peers, potentially leading to more accurate valuation
However, there are also potential drawbacks:
- Reduced visibility in UK markets, which might affect European investor interest
- Currency exposure changes, as the company will likely report in USD going forward
- Potential short-term selling pressure from UK funds unable to hold U.S.-listed stocks
The maintenance of a secondary listing on the LSE mitigates some of these concerns, providing continued access for UK investors. The seamless transition of shares and trading symbols should minimize immediate market disruption. Investors should monitor trading volumes and price action on both exchanges in the coming weeks to gauge the market's reaction to this structural change.
WOKINGHAM,
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 plc
FAQ
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