Subsequent event

6 Months Ended

Jul. 30, 2016

Subsequent Events [Abstract]

Subsequent event

Subsequent event

On August 24, 2016, Signet Jewelers Limited (the “Company”) entered into an investment agreement (the “Investment Agreement”) with Green Equity Investors VI, L.P. and Green Equity Investors Side VI, L.P. (together, the “Investors”), both affiliates of Leonard Green & Partners, L.P., relating to the issuance and sale to the Investors of shares of the Company’s Series A Convertible Preference Shares, par value $0.01 per share (the “Series A Preference Shares”), for an aggregate purchase price of $625 million, or $1,000 per share. The closing of the transaction contemplated by the Investment Agreement (the “Closing”) is conditioned upon certain customary closing conditions, including, among others, obtaining clearance under the Hart-Scott-Rodino Antitrust Improvements Act, the approval for listing on the New York Stock Exchange of any of the Company’s common shares, par value $0.18 per share (the “Common Shares”) issuable upon conversion of the Series A Preference Shares and the Company taking all necessary actions to cause the Investors’ designated director nominee to be elected to the Company’s board of directors. These Series A Preference Shares accrue dividends at a rate of 5.0% per annum, payable quarterly in arrears, in cash or by increasing the liquidation preference, at the option of the Company. The Company expects to use these proceeds to fund a repurchase of up to $625 million of its common stock through either open market purchases or through privately negotiated transactions.