Shares of equipment rental firm Ashtead Group advanced 1.1% to close at 4,936 pence on Friday, buoyed by the company's confirmation of its upcoming transition to a primary listing on the New York Stock Exchange.
Key Dates for the U.S. Listing
The company expects its U.S. regulatory filing to become effective on February 26, followed by a UK court-led share swap on February 27. New shares are scheduled to begin trading under the NYSE listing on March 2.
Concurrently, index provider FTSE Russell announced it will remove Ashtead from its UK index series effective March 2, as the London listing shifts to secondary status. This move will prompt adjustments by index-linked funds tracking the FTSE benchmarks.
Share Buyback Program Continues
Ashtead also disclosed it repurchased 88,872 of its own shares on February 5 at an average price of 4,924.2584 pence each. These shares will be held in treasury, continuing the company's existing $1.5 billion buyback program announced in December.
CEO Brendan Horgan reiterated confidence in the company's free cash flow outlook, supporting the ongoing capital return initiative. The transition centers on Ashtead's North American subsidiary, Sunbelt Rentals, which drives the bulk of its operations.
Analysts note the period represents a structural shift for the stock, moving from operational catalysts to a new listing environment. Investors will monitor the timeline for any adjustments, while acknowledging risks remain if U.S. construction or industrial demand weakens.
