AstraZeneca’s board said it was recommending investors a 'harmonised listing structure' for its ordinary shares across the London Stock Exchange, Nasdaq Stockholm and New York Stock Exchange.
AstraZeneca has set out plans to directly list on the New York Stock Exchange while maintaining its main listing in London.
In a stock exchange notice today (29 September), the UK's biggest pharmaceutical company explained its ordinary shares on the NYSE will replace the American depositary receipts (ADRs) which, until now, have given US investors exposure to the company.
AstraZeneca's board said it was recommending investors a "harmonised listing structure" for its ordinary shares across the London Stock Exchange, Nasdaq Stockholm (STO) and NYSE.
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If the proposals go ahead, shareholders will be able to trade their investments in AstraZeneca ordinary shares across the LSE, STO and NYSE, the board noted.
Michel Demaré, chair of AstraZeneca, said the proposed harmonised structure will "support our long-term strategy for sustainable growth, while remaining headquartered in the UK and listed in London, Stockholm and New York".
He explained that enabling a global listing structure will allow the pharma giant to reach a "broader mix of global investors" and make it "even more attractive" for shareholders to participate in the company's future.
AstraZeneca highlighted that the proposals will not change its status as a UK-listed, headquartered and tax resident company, as it will continue to be included in the FTSE 100 index and OMX Stockholm 30 index.
The harmonisation proposals are subject to shareholder approval, with a general meeting set for 3 November at 2.30pm GMT.
AstraZeneca shares has climbed 1.5% in the first few minutes of trading today, according to data from MarketWatch.
