Summary by Futu AI
Signet Jewelers Limited, the world's largest retailer of diamond jewelry, announced amendments to the terms of its Series A Convertible Preference Shares and the repurchase of half of these shares from Leonard Green & Partners, L.P. (LGP). The Board of Directors approved changes to the Certificate of Designation, effective April 1, 2024, to allow net share settlement on conversion of the Preferred Shares. The Preferred Holders may not convert more than 50% of the Preferred Shares before May 1, 2024, and no more than $110 million of stated value in any 30-day period before November 15, 2024. On April 1, 2024, the Preferred Holders converted 312,500 Preferred Shares, which Signet will settle in cash for approximately $414 million by April 15, 2024. This transaction is expected to reduce Signet's diluted share count by about 4.1 million shares, or 7.6%. The company also updated its Fiscal 2025 guidance, increasing non-GAAP diluted EPS outlook to a range of $9.90 to $11.52 per diluted share. The press release issued on April 3, 2024, also highlighted Signet's financial strength and strategic achievements, including revenue growth, margin improvements, and significant shareholder returns.