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  "documentTitle": "Ferguson plc (FERG)",
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  "authorName": "Brian Baldwin",
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  "presentationDate": "2019-11-14 00:00:00",
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  "notes": "The slide uses specific case studies (Invesco, Signet, Barrick/Randgold) to build credibility for a proposed US re-listing strategy.",
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      "text": "Shareholders of UK-listed companies have previously approved transactions involving a United States relisting (by significant margins):",
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      "text": "In July 2008, Signet Group plc announced a proposal to move its primary listing from the LSE to the NYSE. The transaction was approved by 94% of votes cast.",
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      "text": "In September 2007, Invesco plc announced a proposal to move its primary listing from the LSE to the NYSE... Invesco's stock increased by >5% on the date of the announcement. The transaction was approved by 97% of votes cast.",
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      "text": "Shareholders of UK-listed companies have previously approved transactions involving a United States relisting (by significant margins):",
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      "text": "The Proposal will align the place of listing with the majority of the Group's business activities... The Board expects that the new parent company would benefit from its primary listing being amongst a more appropriate public company peer group.",
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      "kind": "quote",
      "text": "\"Invesco's size, scale and global focus results in few natural peers on the London Stock Exchange. A US listing will improve visibility and direct comparability with a more appropriate peer group of large, global investment management companies.\" — Invesco CEO; \"The Proposal will align the place of listing with the majority of the Group's business activities. Currently over 70% of the Group's sales, operating profit and net assets are in the US. The Board considers there to be a potentially larger pool of investors in the US than in the UK who are more familiar with the Group's business model....In addition, the Board expects that the new parent company would benefit from its primary listing being amongst a more appropriate public company peer group.\" — Signet Group Press Release (July 10, 2008)",
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      "text": "Source: Bloomberg; company filings. (1) Invesco September 25, 2007 press release.",
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      "text": "Share Price Appreciation on Date of Merger Announcement: Barrick Gold 5.4%, Randgold Resources 6.0%",
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      "kind": "title",
      "text": "There are Precedents for UK-Listed Companies Re-Listing on a US Stock Exchange",
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