Centamin Shifts Tax Residency To Jersey
Wednesday, January 4, 2012
On December 30, 2011, Centamin Egypt Limited successfully migrated its corporate
headquarters to Jersey from Australia, through the establishment of a Jersey holding
company with advice from Channel Islands law firm Ogier.
Centamin is a mineral exploration, development and mining company that has
been actively exploring in Egypt since 1995. Centamin is listed in London on
the Main Market as a FTSE 250 company and in Toronto.
Centamin's redomiciliation was implemented by way of an Australian scheme of
arrangement to effect the change to the corporate structure of Centamin and
its subsidiaries by inserting Centamin plc (Centamin Jersey), a company incorporated
in Jersey, as the holding company of the Centamin group. The transaction involved
shareholders receiving one new share in Centamin Jersey in exchange for each
share they held in Centamin.
Ogier advised Centamin on the Jersey aspects of the transaction led by corporate
partner Raulin Amy and associate Sean Inggs. Ogier Corporate Services incorporated
Centamin Jersey and is to provide ongoing administrative services.
Ogier's Raulin Amy said: "We are delighted to have advised Centamin on this
transaction. The dual listing of Centamin meant that there were some interesting
issues that had to be resolved when they were looking to restructure. This particular
transaction was novel as it involved an Australian company rather than an English
one. The flexibility of the Companies Law in Jersey and Jersey tax neutrality,
as well as the track record of Jersey as a jurisdiction were important considerations
in determining the location for Centamin's redomicile."