Ashtead to push ahead with primary US listing amid shareholder support

(Sharecast News) - Equipment rental firm Ashtead confirmed on Tuesday that it was pushing ahead with plans to switch to a US primary listing after the move was backed by its shareholders. Ashtead announced in December that it was proposing a move to a US primary listing. It noted at the time that it was "substantially" a US business, reporting in US dollars, with almost all its operating profit - 98% in FY24 - derived from North America, which is also the core growth market for the business.

On Tuesday, the company said it had met with a wide variety of shareholders "who have understood the rationale and been supportive of the proposed move".

"Accordingly, the board intends to proceed with the proposals, which will include the insertion of a new US company - to be named Sunbelt Rentals Holdings, Inc - as the ultimate parent company of the group (and the entity in which Ashtead shareholders will hold shares)," it said.

The company also said that Alex Pease will be succeeding Michael Pratt as chief financial officer with effect from 1 March.

At 1045 GMT, the shares were up 0.9% at 5,118p.