According to reports, Signet Group PLC is asking its shareholders a consent in moving from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE). The decision has been approved by the company’s board of directors.
This is being seen by the company as its next step towards expansion and "the natural next step in the evolution of Signet's shareholder base," which has experienced a steady growth in the number of U.S. shareholders, especially in the last 12 months. U.S. residents own almost 50 percent of Signet's voting securities. In addition, more than 70 percent of the group's sales, operating profit and net assets are in the United States
The jeweller said it would apply for a secondary listing on the LSE and maintain its prominent position in the UK jewellery market.
the re-listing onto NYSE requires Signet to relocate its headquarters in the United Kingdom and the company has decided to move its H.O. The new name of the parent company will be Signet Jewelers Ltd. This proposal requires approvals of the high court of England and Wales, as well as the company's shareholders in two separate meetings. The meetings are slated to be held around Aug. 19. If approved, the listing change will take place on or about September. 11.