Due to certain historical regulatory policies applicable to U.K. companies, Ensco plc’s shares had been listed on the NYSE as American Depositary Shares (“ADSs”) since the company's redomestication to the U.K. in December 2009.
As a result of recent changes in applicable regulatory policies, the Company’s Board of Directors decided to terminate the ADS facility to allow for Ensco’s Class A Ordinary Shares (“Shares”) to trade directly on the NYSE (The “Conversion”). Ensco's Class A Ordinary Shares began trading on the NYSE on 22 May 2012 under the same symbol “ESV.”
Why is this Conversion important?
Ensco previously was included in the S&P 500 Index until December 2009 when it changed its corporate domicile to the U.K. and began trading in ADS form on the NYSE. Subsequently, Ensco was removed from the index due to eligibility rules that exclude companies listed in ADS form. By converting to a Share listing, Ensco’s eligibility for the S&P 500 Index will be restored, although there is no assurance that Ensco will be added to the S&P 500 Index in the future.
The majority of Ensco shareholders will be unaffected by the conversion from ADSs to Class A Ordinary Shares.
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FAQs Press Release Issued 15 May 2012 Form 8-K 15 May 2012