Ashtead Proposes US Primary Listing, Retaining London Secondary
Why we think this is neutral
The RNS announcement outlines Ashtead's proposal to move to a US primary listing, while retaining a secondary listing in London. However, the announcement lacks details on the rationale and expected benefits of this strategic decision. Without more information on the potential impact, the overall sentiment is neutral.
Key Points
- Ashtead proposes to move its primary listing to the US, while keeping a secondary listing in London
- The Board believes the move is in the best interests of the business and its stakeholders
- The proposal requires shareholder approval at an EGM in June 2025
- If approved, the new US primary listing is expected to commence in Q1 2026
Summary
Ashtead Group plc has announced plans to move its primary listing to the US, while retaining a secondary listing in London. The Board believes this is in the best interests of the business and its stakeholders, and has received support from a wide range of shareholders. The proposals will be implemented through a UK scheme of arrangement, requiring shareholder approval at an Extraordinary General Meeting expected in June 2025. Subject to approval, the new US primary listing (and London secondary listing) is expected to commence in the first quarter of 2026.