8-K

CRH PUBLIC LTD CO 8-K Report (Jul 11, 2023)

Filed July 11, 2023For Securities:CRH

Summary

CRH Public Limited Company (CRH) has announced a significant update regarding its corporate restructuring, specifically the approval of a Scheme of Arrangement by the Irish High Court on July 11, 2023. This court approval is a critical step in CRH's plan to transfer its primary stock exchange listing to the New York Stock Exchange (NYSE) and downgrade its London Stock Exchange (LSE) listing from a premium to a standard segment. The approved Scheme of Arrangement will facilitate the migration of the settlement system for CRH's ordinary shares from Euroclear Bank to the Depositary Trust Company (DTC). This transition is expected to become effective on September 25, 2023. This move is a key enabler for the broader strategic objective of primary listing on the NYSE, which is anticipated to provide greater access to capital markets and enhance liquidity for its shares.

Key Highlights

  • 1The Irish High Court has officially approved the Scheme of Arrangement, a crucial legal step for CRH's corporate restructuring.
  • 2The Scheme facilitates the migration of CRH's ordinary share settlement system from Euroclear Bank to the Depositary Trust Company (DTC).
  • 3This settlement system migration is directly linked to CRH's previously announced plan to transfer its primary listing to the New York Stock Exchange (NYSE).
  • 4CRH's listing category on the London Stock Exchange (LSE) will be transferred from a premium listing to a standard listing.
  • 5The Scheme is expected to become effective, and the settlement system migration is anticipated to take effect on September 25, 2023.
  • 6This announcement follows the circular published on May 9, 2023, which provided further details on the Scheme and its implementation timeline.

Frequently Asked Questions

The approval of the Scheme of Arrangement by the Irish High Court is a major milestone. It legally enables CRH to change its share settlement system and is a prerequisite for its planned primary listing transfer to the New York Stock Exchange and the downgrade of its London Stock Exchange listing category.

The Scheme is expected to become effective, and the migration of the share settlement system from Euroclear Bank to the Depositary Trust Company (DTC) is anticipated to take effect on September 25, 2023. The LSE listing category change will likely align with this timeline.

Moving the primary listing to the NYSE is a strategic decision aimed at increasing the company's visibility and accessibility within the U.S. capital markets, potentially improving trading liquidity and access to a broader investor base. The downgrade to a standard listing on the LSE is part of this re-domiciling strategy.

The filing refers to a circular published on May 9, 2023, for further details on the Scheme and the expected timetable. Investors should review that document for specific actions required. However, the approval itself primarily concerns the company's operational and listing structure.