"AstraZeneca's proposal to list its shares directly on the New York Stock Exchange while retaining the quotes in London and Stockholm disadvantages nobody on the shareholder register. US investors get the chance to own AstraZeneca in full-fat form rather than via American depositary receipts (a wrapper provided by a handful of banks), a rejig that should widen the pool of potential investors and help the company with any future big deals in the US."
"It is HM Treasury, which will be out of pocket to the tune of about 200m a year from lost stamp duty on transactions in London. Buyers of AstraZeneca shares in the UK, you see, will be getting a depositary interest in the company in future. It will carry the same voting and ownership rights as before but, critically, stamp duty does not apply to such instruments."
AstraZeneca will list shares directly on the New York Stock Exchange while retaining London and Stockholm quotes, widening access for US investors and preserving FTSE 100 inclusion. The move allows US investors to own shares directly rather than via American depositary receipts, broadening the investor pool and aiding future US deals. The proposal passed with 99% support. HM Treasury faces about 200m a year in lost stamp-duty revenue because UK buyers will receive depositary interests exempt from stamp duty. Stamp Duty Reserve Tax is a 0.5% levy on purchases of UK company shares; few countries impose an equivalent and only Ireland charges more.
Read at www.theguardian.com
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