Ashtead equipment firm to move stock listing to US in blow for UK
Ashtead said part of the reason it wants to move is to attract US investors.
Although the US construction industry has been affected by higher interest rates making borrowing more expensive, the firm expects the market for its services to strengthen as rates are cut.
Dan Coatsworth, investment analyst at AJ Bell, said there had been “rumblings” that the firm also wanted to make the move as a “justification to pay the top brass big money”.
He said Ashtead had been criticised over a proposed $14m (£11m) pay deal for chief executive Brendan Horgan which was deemed “excessive”.
“That might be the case for UK-listed companies, but not US-listed ones,” Coatsworth said.
He added incoming US President Donald Trump “favours American companies doing things for American people” – moving the listing would be “another tick in the box in its favour”.
Coatsworth said the next logical move would be to sell its remaining UK operations which are “tiny compared to the US business”.
But an Ashtead spokesman said the move would not affect investment plans in the UK.
Related
Guinness raids its Irish reserves to ease UK shortages amid…
Guinness is raiding its reserves in Ireland to boost shipments to the UK, where a social media-fuelled surge in demand has left some pubs facing shortages.The r
No ‘immediate’ plans to ban Elon Musk giving Nigel Farage’s…
There are no "immediate" plans to stop Elon Musk donating large sums of money to Nigel Farage's Reform UK, according to the government.However, Co
Let China build electric cars in UK, Tory ex-chancellor tells…
China should be encouraged to build electric cars and renewable energy technology in the UK as part of a new pragmatic trading relationship that would benefit b
Elon Musk’s curious fixation with Britain
Some question whether the tycoon is really as committed to free speech as he claims.The Center for Countering Digital Hate, which scrutinises social media compa
