LONDON (Reuters) - Jewellery retailer Signet SIG.L said on Thursday it planned to move its primary listing to New York and its domicile to Bermuda, in response to its growing U.S. investor base and strong sales there.
Signet, which makes about 70 percent of its sales and operating profit in the United States, said it remained committed to its British store chains H Samuel and Ernest Jones and that it would apply for a secondary listing of its shares in London.
Shareholders will get to vote on its proposals on or about August 19.
“The board considers there to be a potentially larger pool of investors in the U.S. than in the UK who are more familiar with the group’s business model, have a better understanding of the underlying economic environment in the U.S. and a lower exposure to foreign exchange movements impacting the value of their investment,” Signet said in a statement.
The firm said that almost 50 percent of its shares were owned in the United States, where it trades as Kay Jewelers and Jared the Galleria of Jewelry.
At 1:15 p.m., its shares were down 1.6 percent at 46.5 pence, valuing the firm at about 775 million pounds.
Reporting by Mark Potter; Editing by Paul Bolding