James Hardie Industries (ASX:JHX) plans to terminate its American depositary share program, according to a Monday Australian bourse filing.
The firm and the depository, Deutsche Bank Trust Company Americas, amended the depositary agreement to allow the program to end on July 1, the anticipated closing date of James Hardie's acquisition of Azek.
The firm believes the program will no longer be necessary after the completion of its acquisition of the New York Stock Exchange-listed Azek. Ordinary shares of the firm will be issued in connection with the consummation of the deal, and the firm's ordinary shares will be listed for trading on the NYSE.
Each registered holder of the company's ADS will be required to surrender their shares to the company's exchange agent, Computershare Trust, on the effective date, for cancellation and exchange to receive one ordinary share of James Hardie for each ADS.
James Hardie Industries' shares rose nearly 3% in recent trading on Monday.
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