8-K: CRH plc Announces Preference Share Listing Changes on Euronext Dublin and London Stock Exchange

CRH plc is moving its 5% Cumulative Preference Shares to Euronext Growth Dublin while delisting both its 5% and 7% A Cumulative Preference Shares from Euronext Dublin, with the 7% shares remaining on the London Stock Exchange.

Summary

• CRH plc has applied to list its 5% Cumulative Preference Shares on Euronext Growth Dublin.
• The company intends to delist both its 5% and 7% A Cumulative Preference Shares from Euronext Dublin.
• The 7% A Cumulative Preference Shares will continue to be listed on the London Stock Exchange.
• The listing on Euronext Growth Dublin is expected to occur around February 23, 2024, pending approval.
• The last day of trading for the preference shares on Euronext Dublin is expected to be February 22, 2024, if approved.
• There will be no changes to the rights of the preference shareholders due to these listing changes.

Sentiment

Score: 7

Explanation: The announcement is a procedural update regarding listing changes, which is generally neutral. The sentiment is slightly positive as it indicates a strategic move by the company to optimize its listing arrangements.

Positives

• The 5% Cumulative Preference Shares will gain a listing on Euronext Growth Dublin.
• The 7% A Cumulative Preference Shares will maintain their listing on the London Stock Exchange.
• The rights of preference shareholders will remain unchanged.

Negatives

• The 5% and 7% A Cumulative Preference Shares will be delisted from Euronext Dublin.

Risks

• The listing on Euronext Growth Dublin and the delisting from Euronext Dublin are subject to approval by Euronext Dublin.
• There is a risk that the anticipated dates for the listing and delisting may change.

Future Outlook

The company expects the listing on Euronext Growth Dublin to occur around February 23, 2024, and the delisting from Euronext Dublin to be effective around February 22, 2024, subject to approval. Further information will be published in due course.

Management Comments

• The company has submitted an application to Euronext Growth Dublin for its 5% Cumulative Preference Shares to be admitted to trading.
• The company intends to submit an application to Euronext Dublin to cancel the listings of its 5% and 7% A Cumulative Preference Shares.

Industry Context

This announcement reflects a strategic decision by CRH plc to optimize its listing arrangements for its preference shares, potentially aiming for a more focused trading environment for each class of shares. It is not uncommon for companies to adjust their listings to better suit their investor base and trading volumes.

Comparison to Industry Standards

• Companies often review their listing venues to ensure they are aligned with their strategic goals and investor base.
• Dual listings are common, with companies often choosing different exchanges for different classes of shares.
• The move to Euronext Growth Dublin may indicate a desire for a more specialized market for the 5% preference shares, while maintaining the 7% shares on the London Stock Exchange suggests a focus on that market for those shares.
• Other companies such as Smurfit Kappa have also delisted from Euronext Dublin in the past, indicating this is not an unusual move.

Stakeholder Impact

• Shareholders of the 5% Cumulative Preference Shares will see their shares listed on Euronext Growth Dublin.
• Shareholders of the 7% A Cumulative Preference Shares will continue to have their shares listed on the London Stock Exchange.
• Shareholders of both classes of preference shares will no longer have their shares listed on Euronext Dublin.

Next Steps

• Euronext Dublin will need to approve the listing on Euronext Growth Dublin.
• Euronext Dublin will need to approve the delisting of the preference shares.
• The company will publish further information and documentation regarding the listing on Euronext Growth Dublin.

Key Dates

Keywords

Preference Shares, Euronext Growth Dublin, Euronext Dublin, London Stock Exchange, Listing, Delisting, CRH plc