Ashtead Group proposes shift to US primary listing

LONDON: Ashtead Group plc has announced plans to shift its primary listing to the United States, while retaining its UK listing in the International Companies segment. The Board believes this move aligns with the Group’s strategy and serves the best interests of its stakeholders.

The decision comes as Ashtead increasingly operates as a US-focused business, with 98% of its operating profit in FY24 derived from North America. The company’s executive management team and operational headquarters are also based in the US, where most of its employees reside.

Several factors influenced the Board’s decision, including better alignment with the Group’s business activities, increased exposure to US investors, enhanced liquidity in US capital markets, and a stronger profile under the Sunbelt Rentals brand. The move is also expected to simplify share ownership for employees and improve the Group’s position in premier US equity indices.

The proposal will be discussed with shareholders in the coming weeks, with a formal resolution to follow at a general meeting. The Board anticipates completing the necessary steps within the next 12-18 months.