Intention to Re-domicile

RNS Number : 5075D
BPC Ltd
03 December 2009
 

3 December 2009

 

 

BPC Limited

("BPC" or the "Company")

 

Intention to Re-domicile

 

 

BPC, the oil and gas exploration company with licences in The Bahamas, announces its intention to change the holding company for the Company and its subsidiaries (the "Group") from a Falklands Islands company to an Isle of Man company (the "Proposal"), which is expected to occur in the first quarter of next year. 

 

The Group's current structure is an historical anomaly and could affect BPC's access to future opportunites. The Proposal simplifies the structure of the Group and is consistent with its existing European shareholder base

 

BPC proposes to effect the change in holding company through a scheme of arrangement, conditional on shareholder approval and consent from the Supreme Court of the Falkland Islands, involving a share-for-share exchange with a new Isle of Man company, incorporated for the purpose of the Proposal ("BPC PLC"). Following the share-for-share exchange, shareholders will have the same percentage holding in BPC PLC as they held in BPC at the time of implementation, and the shares in BPC PLC will be admitted to trading on AIM.

 

The Proposal is subject to a number of regulatory, shareholder and court approvals, and a circular setting out the details of the Proposal will be sent to shareholders in due course.

 

 

For further information contact:

 

BPC Limited 

Alan Burns, Chairman and CEO 

Dr Paul Crevello, Chief Operating Officer  

 

 

                                 Tel:  44 (0) 1624 64 1199

        Tel:  +1 720 771 7583

Strand Hanson Limited

Rory Murphy / Liam Buswell

 

 

Tel: +44 (0)20 7409 3494

Novus Capital Markets Ltd 

Charles Goodfellow / Paul Dudley

 

 

Tel: +44 (0)20 7107 1872

FirstEnergy Capital LLP 

Richard Hail / Derek Smith

 

 

Tel: +44 (0)20 7448 0200

Financial Dynamics

Billy Clegg / Ed Westropp

 

Tel: +44( 0)20 7831 3113

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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