Ferguson Announces Result of Shareholder Vote on US Primary Listing
Ferguson plc (or the “Company”) is pleased to announce that, at its General Meeting held earlier today, the special resolution was passed by 95.49% of the votes cast, and the full results of the poll are set out in the table below. Following the vote, Ferguson will transfer its listing category from a premium listing to a standard listing on the London Stock Exchange (“LSE”) and its primary listing will be the New York Stock Exchange (“NYSE”).
Today’s announcement follows strong support from shareholders voting to implement the additional US listing in July 2020, and the commencement of trading of Ferguson’s ordinary shares on the NYSE on March 8, 2021.
Ferguson is a leading North American value-added distributor for its 34,000 suppliers and over one million customers across the US and Canada. Ferguson exists to make its customers’ complex projects simple, successful, and sustainable. Approximately 75% of US revenue is generated from #1 or #2 market positions, helping deliver $23 billion in revenue in fiscal year 2021 and putting Ferguson in a strong position to take advantage of an estimated $300 billion market opportunity. Ferguson operates in large, growing and fragmented end markets with a scaled global supply chain, value-added customized customer solutions, and multiple sales channels and fulfilment options.
Geoff Drabble, Chairman, said “We are delighted to see strong shareholder support on today’s vote as it marks the next step in our journey to a primary US listing. Ferguson’s operations are 100% North American and the Board believes the US is the natural long-term primary listing location for the Company.”
The full text of the special resolution is set out in the Notice of General Meeting contained in the Circular dated February 8, 2022 (the “Circular”) and which is available on the Company’s website, www.fergusonplc.com, within the Shareholder Center pages of the Investors & Media section.
As set out in the Circular, it is expected that the transfer of the Company’s listing category on the Official List of the Financial Conduct Authority (the “Official List”) from “Premium Listing (commercial company)” to “Standard Listing (shares)” will take effect on May 12, 2022, more than 20 business days after the passing of the special resolution in compliance with the Listing Rules.
Ferguson’s operations are now 100% focused on North America and the Board believes the US is the natural long-term listing location for the Company. As previously announced, after extensive shareholder consultation, the Company set out a two-step process to achieve an orderly and equitable path to achieving this aim. The first step has been achieved, with the additional US listing of ordinary shares becoming effective on the New York Stock Exchange on March 8, 2021, having been supported by over 99% of shareholders voting. In line with the timeline previously set out, today shareholders passed the special resolution by the requisite majority of not less than 75% of votes cast by which Ferguson will transfer its listing category from a premium listing to a standard listing on the LSE, which is expected to take effect on May 12, 2022. Thereafter, the Company’s primary listing will be the NYSE. Further details are available in the Circular on the Company’s website here: https://www.fergusonplc.com/en/investors-and-media/shareholder-center/agm.html.
For the full release including poll results, click here.
About Ferguson plc
Ferguson is a $23B leading North American value-added distributor providing expertise, solutions, and products from infrastructure, plumbing and appliances to HVAC, fire, fabrication and more. We exist to make our customers’ complex projects simple, successful and sustainable. Ferguson plc is listed on the New York Stock Exchange (NYSE: FERG) and the London Stock Exchange (LSE: FERG). For more information, please visit www.fergusonplc.com or follow us on LinkedIn.
Brian Lantz – Vice President IR & Communications – (224) 285-2410
Source: Ferguson plc