REG-Ashtead Group Plc: Update on proposed move to a US primary listing

AshteadAnnouncement

11/02/2025 10:30

 

 

11 February 2025

 

Ashtead Group plc ("Ashtead" or "Group")

Update on proposed move to a US primary listing

On 10 December 2024, the Ashtead Board announced that, having evaluated the
optimal listing location for the Group, it had concluded that a US primary
listing (and retaining a secondary listing in London) was in the best
interests of the business and its stakeholders, and that it would be engaging
with Ashtead shareholders on these proposals.

Since December, the Chair and the executive team have met with a wide variety
of shareholders who have understood the rationale and been supportive of the
proposed move.  Accordingly, the Board intends to proceed with the proposals,
which will include the insertion of a new US company - to be named Sunbelt
Rentals Holdings, Inc - as the ultimate parent company of the Group (and the
entity in which Ashtead shareholders will hold shares).

The proposals will be implemented by way of a UK scheme of arrangement, which
requires a formal vote by Ashtead shareholders at an extraordinary general
meeting (EGM) to be approved by a majority in number of shareholders voting in
person or by proxy, representing 75% in value of the shares voted. It is
currently expected that a shareholder circular containing details of the
proposals will be published in mid-May and that the EGM will take place in
June 2025.  Subject to shareholders voting in favour of the proposals at the
EGM, it is currently expected that the scheme of arrangement will take effect
in the first quarter of 2026 - at which point Sunbelt Rentals Holdings, Inc
will become the new parent company, and the new US primary listing (and the
secondary listing in London) will commence.

Further announcements will be made in due course, as appropriate.

 

Enquiries:

Ashtead Group    Will Shaw  +44 (0) 20 7726 9700

H/Advisors Maitland  Sam Cartwright  +44 (0) 20 7379 5151

 



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