Universal Music Group (UMG) is moving ahead with plans to launch a secondary listing in the US.
The details:
On Monday 21 July, UMG “confidentially” submitted a draft registration statement on Form F-1 to the US Securities and Exchange Commission (SEC) relating to a proposed public offering in the US of the company’s ordinary shares held by certain shareholders.
UMG states it “will not receive any proceeds from the sale of ordinary shares by the selling shareholders.”
The number of shares and their price have not been determined.
The offering remains subject to the completion of the SEC review process, as well as market and other conditions.
The secondary listing:
As per Music Business Worldwide (MBW), UMG has been trading in the Netherlands “under the ticker UMG” since September 2021.
A listing on the US stock exchange would be in addition to the above.
A request for a secondary listing on the US stock exchange was made in January by Pershing Square Holdings, led by billionaire investor Bill Ackman.
Ackman resigned from UMG’s board in May.
