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Signet Jewelers Ltd (0P6A)

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Tuesday 16 February, 2016

Signet Jewelers Ltd

Delisting & Cancellation of Common Shares from LSE

RNS Number : 2005P
Signet Jewelers Limited
16 February 2016
 

16 February 2016

Signet Jewelers Limited

Intended Delisting and Cancellation of Common Shares from the London Stock Exchange

 

Signet Jewelers Limited ("Signet") announces that its board of directors (the "Board") has resolved to apply for the cancellation of the standard listing of Signet's common shares of US$0.18 each (ISIN: BMG812761002) ("Shares") on the Official List of the UK Listing Authority and the cancellation of the admission to trading of the Shares on the Main Market of the London Stock Exchange plc (the "LSE").

In connection with the proposed delisting, the Board has also resolved to terminate Signet's UK depositary interest facility. This programme was established in 2008 to facilitate trading of Signet's shares on the LSE.

 

Reasons for the delisting

Signet has decided to apply for the voluntary delisting of its Shares because of the lack of liquidity on the LSE and to streamline administrative procedures and reduce costs from maintaining two listings. The Board conducted a review of Signet's stock exchange listings last year and analysed the level of trading and activity in order to determine the most effective way of servicing shareholders. This review found that the total trades placed on the LSE in 2014 equalled around five days of trading on US exchanges. As a result the Board has resolved to delist the Shares from trading on the LSE.

 

Effect of the delisting and timetable

As the volume of trading on the Shares on the LSE is low and Signet's shares can continue to be traded on the New York Stock Exchange ("NYSE"), Signet believes the impact on its shareholders of delisting from the LSE will be negligible.

The application to the UK Listing Authority for the Shares to be removed from the Official List, and to the LSE for the Shares to be removed from trading was made on 16 February 2016. The last day of dealings in the Shares on the LSE is expected to be 14 March 2016. The cancellation of the listing and of trading in the Shares on the LSE is expected to take effect at or about 08:00 on 15 March 2016 (the "Effective Date").

 

UK depositary interest facility

Signet has nominated Capita IRG Trustees Limited ("Capita"), as depositary, to terminate Signet's depositary interest facility with effect from 18 March 2016 (the "DI Facility Termination Date"). Consequently, and in accordance with the terms of the depositary interest trust deed poll, Capita will provide 30 days' notice of termination to all depositary interest holders.

Prior to the DI Facility Termination Date, any depositary interest holder may direct their broker to complete a CREST Stock Withdrawal, in order for their holding to be replaced  with the equivalent number of fully paid common shares in Signet and transferred to Signet's Jersey branch register (such holders will receive a share certificate representing their holding). In order for such holding to be transferred to Signet's US branch register managed by AST a Removal Form will need to be completed.

Any depositary interests remaining on Signet's depositary interest register as at the DI Facility Termination Date will be cancelled and replaced on or shortly after the DI Facility Termination Date with the equivalent number of fully paid common shares in Signet. The holders of such shares will be entered onto Signet's common share Jersey branch register and provided with a share certificate.

 

UK certificated holders

There is no change or impact to shareholders once the Shares are delisted from the LSE.

Signet has nominated Capita Asset Services to assist shareholders with a dealing service at a reduced fee prior to delisting from the LSE, subject to their normal terms and conditions and market availability.

Shareholders on Signet's Jersey branch register after the Effective Date will be able to trade their shares on the NYSE.

ENDS

  

Contact details for enquiries relating to this announcement

Signet Jewelers

Investors:

James Grant, +1 (330) 668-5412

VP Investor Relations

or

Media:

David Bouffard, +1 (330) 668-5369

VP Corporate Affairs


This information is provided by RNS
The company news service from the London Stock Exchange
 
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