Filed under: jewelry
Signet’s shareholders approve move to NYSE
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August 20, 2008
London—A vast majority of Signet Group Plc’s shareholders approved duel moves by the company in a meeting held on Tuesday.
Voting in person or by proxy, 94.4 percent of Signet’s shareholders voted to transfer the company’s listing from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE), and to move the guests’s physical headquarters from London to the tax haven of Bermuda, something it must do to be eligible for listing on the NYSE.
“The board welcomes the very high level of support from shareholders in passing the proposal to facilitate the move of the group’s primary listing to New York,” Signet Group Chairman Sir Malcolm Williamson said in a media release. “Following the necessary court and other approvals, we look forward to the proposal becoming effective, which is expected to be on Sept. 11.”
Under the proposal, the new name of the company will be Signet Jewelers Ltd.
Signet’s board recommended the affair of honor moves back in July, calling it a “natural step” for the company, what one. has seen a growth in its U.S. shareholder base.
According to Signet, U.S. residents now own about 50 percent of the company’s voting securities, and more than 70 percent of the group’s sales, operating profit and net assets are in the United States.
The company emphasized, however, that it remains committed to jewelry sales in the United Kingdom and will apply for a secondary listing on the LSE.
As of May 3, London-based Signet operated 1,966 retail jewelry stores, including 1,407 Kay Jewelers, Jared The Galleria Of Jewelry and other regional stores in the United States.