Signet seeks New York listing
Jewellery retailer to trade shares on NYSE
Signet Group is to be listed on the New York stock exchange from next month, in addition to its London listing.
The jewellery retailer, which is UK-based but generates about 70 per cent of its turnover through its US retail chains, will, with regulatory approval, list its American Depositary Shares on the NYSE.
Signet’s ADSs are currently listed on the alternative NASDAQ stock market in the US. As a first step, the group is converting its ADS ratio to 10 ordinary shares per ADS from the current 30 ordinary shares per ADS, effective immediately. Signet ordinary shares will also continue to trade on the London Stock Exchange.
Signet group chief executive Terry Burman said:”Signet is committed to raising its profile among US investors. Listing on the NYSE will provide an excellent platform to highlight to the US financial community our consistent record of growth, excellence in operational execution and culture of continuous improvement, these being the drivers behind our financial performance.
In the US, Signet operates under brand names inlcuding Kay Jewelers and Jared The Galleria Of Jewelry, which Burman said have significant further growth opportunities. “We believe that Signet’s profile will be of interest to an increasing number of potential US investors.”
New York Stock Exchange chief executive John Thain said: “The NYSE is proud to welcome Signet to our family of listed companies. Signet is a recognised market leader with an impressive portfolio of retail brands in America and abroad.
“Signet will be a strong addition to our roster of top retail sector players. We look forward to an outstanding partnership with Signet and its shareholders.”
