(Alliance News) – Flutter Entertainment PLC said on Monday it plans to move its primary stock market listing from London to New York, following “favorable” discussions with US investors.
The owner of Paddy Power, whose shares begin trading in the United States later on Monday, believes the New York Stock Exchange is “now the optimal location” for a primary listing. The move to the New York Stock Exchange “should happen as soon as possible,” added the FTSE 100-listed company.
It will submit a proposal to its shareholders at its annual general meeting on May 1. If approved, the transition could take place at the end of the second quarter or the beginning of the third.
“Following the transition, the board intends to maintain Flutter’s UK listing as a secondary listing and believes this will enable as many investors as possible to continue to hold Flutter shares and to benefit from future value creation,” Flutter added.
“Since February 2023, management has engaged extensively with existing and potential U.S. investors, as well as existing shareholders around the world. Feedback received has been very favorable to the transfer of Flutter’s primary listing to the United States. -United.”
Flutter’s secondary listing in Dublin, its home city, has been canceled.
Shares in the company were down 0.4% at 16,255.00 pence each in London on Monday afternoon.
Although it plans to retain a secondary listing in the UK, the move means the FTSE 100 loses its largest gambling company. Flutter’s market capitalization of £28.83 billion is much higher than Ladbrokes owner Entain PLC’s market capitalization of £6.15 billion.
The London Stock Exchange, which has struggled to attract major new listings, has seen a series of high-profile primary listing transfers. Building materials company CRH PLC moved its primary listing to New York in September. Plumbing and heating products supplier Ferguson PLC did the same in May 2022, months after miner BHP Group Ltd moved its primary listing to Sydney.
By Eric Cunha, Editor-in-Chief of Alliance News
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2024-01-29 13:08:12
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