This decision is entirely consistent with our objective of simplification as it reduces costs and complexity without in any way detracting from the integrity of our governance and control procedures. The process of deregistering has been simplified following the new rules introduced by the SEC in June 2008.
As only around 0.4 per cent of our shares are held in the ADR programme, we do not believe it is appropriate from a cost and administrative perspective to continue with the reporting obligations under the Exchange Act. Our business strategy remains the same and North America is, and will continue to be, a key market for Wolseley; it currently accounts for approximately 51% of Group revenue.