Finance History | 11 Wall Street — FERG Opened After the ADR Book Closed
· 2021-3
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Finance History | 11 Wall Street — FERG Opened After the ADR Book Closed
kevin
People treat Ferguson as a Newport News plumbing distributor that always printed FERG after a finished New York book.
The March 2021 issuer was Ferguson plc, still premium-listed in London and still inside the FTSE 100. The operating business was already all North American after the sale of Wolseley UK.
On 8 March 2021 ordinary shares opened on the New York Stock Exchange under the letters FERG. The Form 20-F registration became effective at 9:00 a.m. Eastern that morning.
The J.P. Morgan ADR program was cancelled the same day and the ADSs were exchanged into ordinary shares.
The New York print was an additional listing, not yet the primary one. Shareholders later voted 95.49 percent on 10 March 2022 to move the primary listing to New York.
That category change took effect on 12 May 2022.
The mechanism is a dual-listed ordinary share that replaced an ADR wrapper. Direct New York stock let U.S. funds hold the plumbing book without a depositary layer.
The pin is the Broad Street facade of the Exchange on the morning the additional tape opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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