Stolt-Nielsen To Move Parent Company To BDA
Stolt-Nielsen S.A. [SNSA] today [July 12] announced a proposed plan to migrate their parent company to Bermuda from Luxembourg, where SNSA is currently registered.
Luxembourg’s special holding company regime will end as of December 31, 2010, as part of ongoing initiatives to harmonise laws and regulations among the member states of the European Union. The proposed move is intended to enable the Company and its shareholders to continue to benefit from a legal structure similar to that which the Company has experienced as a holding company in Luxembourg since 1974.
The proposal is subject to the approval of SNSA shareholders and will be voted upon at an Extraordinary General Meeting of Shareholders to be held in Luxembourg at a date to be determined. If approved, the migration of SNSA to Bermuda is expected to be completed by the close of SNSA’s fiscal year on November 30, 2010.
The migration is not expected to result in any significant practical changes, from either a shareholder perspective or in terms of the Company’s functional structure, locations or operations. Shares would continue to be traded on the Oslo Børs.
Commenting on the announcement, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said: “The Board of Directors of SNSA and the Company’s management are confident that this proposal, if approved, will enable the Company to continue to optimise the benefits of its current structure.”
SNSA is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm produces and markets high quality turbot, sole, sturgeon, and caviar. Stolt-Nielsen Gas transports liquefied petroleum gas with its growing fleet of very large gas carriers.
