The Signet Group, the world’s largest specialty retail jeweler and parent company of Sterling Inc., the second largest U.S. retail jeweler, said on Oct. 18 it plans to list its American Depositary Shares (ADSs) exclusively on the New York Stock Exchange (NYSE) starting Nov. 16, subject to approvals by the NYSE and the U.S. Securities and Exchange Commission. The ARDs will be listed under the ticker symbol “SIG.” No new shares will be issued with this listing.
Terry Burman, Signet Group chief executive and also chairman of Sterling, said that “Signet is committed to raising its profile among U.S. investors. Listing on the NYSE will provide an excellent platform to highlight to the U.S. financial community our consistent record of growth, excellence in operational execution, and culture of continuous improvement, these being the drivers behind our financial performance.” He noted that Signet’s U.S. division—Sterling Inc.— “offers significant further growth opportunities. We believe that Signet’s profile will be of interest to an increasing number of potential U.S. investors.”
Signet on Oct. 18 also changed its ADS ratio from 30 ordinary shares per one ADS to 10 ordinary shares per one Signet ADS. Signet’s ADSs currently are listed on the NASDAQ stock market under the ticker symbol “SIGY.” Signet ordinary shares also trade on the London Stock Exchange under the ticker symbol “SIG.”
Signet has a market capitalization of $3.4 billion. Though headquartred in London, its U.S. division—Sterling Inc.—accounts for 70% of its sales. Sterling’s national chains include Kay Jewelers and Jared Galleria of Jewelry.
John Thain, NYSE chief executive officer, called Signet “a recognized market leader with an impressive portfolio of retail brands in America and abroad. Signet will be a strong addition to our roster of top retail sector players. We look forward to an outstanding partnership with Signet and its shareholders.”
Signet operates 1,725 specialty retail jewelry stores, 1,126 of which are in the United States with the rest in the United Kingdom operating under the names H. Samuel, Ernest Jones, and Leslie Davis.