Ferguson (FERG) will consult shareholders on listing shares in the US, following its decision to spin off its UK business Wolseley and become entirely America-focused. The construction supplier will seek either to conduct an additional listing on a major US exchange or obtain approval for a primary US listing, the latter of which would make it ineligible for inclusion in the FTSE 100.
Both options would require the support of 75 per cent of votes from Ferguson shareholders. The group expects to make its announcement after the consultation concludes in spring this year, and will implement any proposal by the end of its 2021 first half. “The board believes that Ferguson's natural long-term listing location is the USA,” chairman Geoff Drabble said, “but it is mindful that this is a complex issue for many of our existing shareholders.”
Ferguson also announced a $500m (£384m) share buyback programme for the coming 12 months. The group has returned $4bn to shareholders over the past eight years.
