London Signet Group PLC, the parent company of Kay Jewelers, said Thursday that its board is proposing to move its primary listing to the New York Stock Exchange from the London Stock Exchange, according to the Associated Press.
In a connected move, the company would also relocate its London-based headquarters to Bermuda. Signet said the transitions would be in the best interest of its shareholders.
The company believes the listing change would align the company more closely with its U.S. operations, a division that encompasses 70% of the company’s sales, according to the report. To coincide with the exchange move, the company will don the name Signet Jewelers Ltd., and implement a 20-for-1 stock split to allow it to trade more closely with peers.
"The proposal will align the place of primary listing with the group's business activities, which are predominantly based in the U.S., and where the board expects the majority of its future growth to take place," chairman Sir Malcolm Williamson said in a statement.
The company also plans to apply for a secondary listing on the London Stock Exchange when it begins trading on the NYSE.
The proposal is subject to shareholder approval.