The Signet Group, the world’s largest specialty retail jeweler and the parent company of Sterling Inc., the second largest U.S. retail jeweler, has announced plans to list its American Depositary Shares (ADSs) exclusively on the New York Stock Exchange (NYSE) subject to approvals by the NYSE and the U.S. Securities and Exchange Commission. The ADSs 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, says, “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.”
Signet has 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 headquartered 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.