Business Context and Reporting Period
This Form 8-K is a current report filed by Coach, Inc. (Note: The metadata references "TAPESTRY, INC.", but the filing text identifies the registrant as Coach, Inc.) on November 25, 2011. The report details the company's entry into a secondary listing of its common stock on The Stock Exchange of Hong Kong Limited (HKEx) via Hong Kong Depositary Receipts (HDRs).
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate governance and capital market events rather than financial performance metrics.
Material Changes and Events
- Secondary Listing: Coach, Inc. published a Listing Document on November 25, 2011, for a proposed secondary listing of HDRs on the HKEx by way of introduction.
- No Capital Raised: The listing by way of introduction does not involve raising new capital. The primary listing remains on the New York Stock Exchange.
- Trading Commencement: Dealings in the HDRs on the HKEx are expected to commence at 9:00 am on December 1, 2011 (Hong Kong time).
- Agreements Executed: On November 24, 2011, the company entered into a Deposit Agreement and Deed Poll with JPMorgan Chase Bank, N.A., and a Sponsor Agreement with J.P. Morgan Securities (Asia Pacific) Limited.
Guidance, Outlook, and Risks
The filing does not contain forward-looking financial guidance or management commentary on operational outlook. The primary disclosure regarding risk is that the Listing Document was prepared in accordance with Hong Kong laws and standards, which differ from U.S. standards, and has not been reviewed by the U.S. Securities and Exchange Commission.
Investor Verification Checklist
- Verify the terms of the Deposit Agreement and Deed Poll (Exhibits 4.1 and 4.2) to understand the rights of HDR holders.
- Review the Listing Document (Exhibit 99.1) for specific details on the secondary listing structure and Hong Kong regulatory requirements.
- Confirm the commencement of trading on the HKEx on December 1, 2011.
- Note that this transaction does not alter the company's primary listing status on the NYSE.