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LONDON - Ashtead Group (LON:AHT) plc, an international equipment rental company, has confirmed its intention to move forward with plans to establish a US primary listing. The Group announced its decision on Monday, after consultations with shareholders who expressed support for the initiative.
The transition involves the creation of a new US company, Sunbelt Rentals Holdings, Inc., which will serve as the ultimate parent company of the Group. Ashtead shareholders will hold shares in this new entity. The change will be executed through a UK scheme of arrangement, requiring approval from Ashtead shareholders at an extraordinary general meeting (EGM). The EGM vote demands a majority of shareholders, representing at least 75% in value of the shares voted.
Details of the proposals are expected to be outlined in a shareholder circular scheduled for publication in mid-May, with the EGM anticipated to take place in June 2025. If shareholders endorse the proposals, the scheme of arrangement is slated to take effect in the first quarter of 2026. This would mark the commencement of the new US primary listing, alongside retaining a secondary listing in London.
Ashtead believes that a US primary listing aligns with the best interests of the business and its stakeholders, considering the Group’s operational and financial presence in the United States. The company’s executive team has been actively engaging with shareholders to ensure a clear understanding of the proposal’s rationale and benefits.
Further updates on the progress of the listing change will be communicated in due course, as the company continues with its planned strategic realignment. This move is part of Ashtead’s ongoing efforts to optimize its listing location and enhance its corporate structure. The information reported is based on a press release statement.
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