Carey Olsen Advises On 'Pioneering' Offshore Restructuring
Wednesday, June 22, 2011
Carey Olsen has been involved in a pioneering deal to move an international
industrial services business from London's Alternative Investment Market (AIM) to the London Stock Exchange (LSE)
Cape plc is a global leader in the provision of essential, non-mechanical
services to the energy and mineral resources sectors. It is believed to be the
first company to simultaneously move up from AIM to the LSE main market and
propose a comprehensive corporate restructure offshore.
Cape plc has chosen Jersey as the jurisdiction of incorporation of its new
parent company, the shares of which will be listed on LSE’s main market.
Cape listed on AIM in 2003 with a group turnover at the time of GBP231.9m (USD374m).
By 2010 its turnover had increased to over GBP650m.
Carey Olsen partner Mike Jeffrey said Cape had decided its shareholders
would be best served by establishing an international holding company which
was Jersey-incorporated and UK-listed with tax residence in Singapore and Jersey.
“Carey Olsen has a strong track record for advising clients on main-market
listings and setting up and incorporating international holding companies through
Jersey,” he said. “We are really pleased that Cape plc chose Jersey,
this reconfirms the jurisdiction’s stature in the market.”