HaloSource Proposes Re-Domiciliation To British Virgin Islands

12th Mar 2018 14:56

LONDON (Alliance News) - Clean water technology company HaloSource Inc said on Monday it has proposed to re-domicile from the US state of Washington to the British Virgin Islands, and change its name to HaloSource Corp.

The re-domicile will take place through a reverse triangular reincorporation merger, with shareholders and the number of outstanding shares remaining the same. The company will remain listed on the AIM market in London.

HaloSource is conducting the re-domicile to allow its shares to be fully tradable electronically, and remove what is considered by the company an impediment to raising additional capital, as under US regulatory rules it is required that in a private offering to foreign purchasers, some shares must be issued bearing legends requiring paper certificates.

However in 2015, the AIM Rules for Companies were amended to require that all AIM shares must be eligible for electronic settlement and not solely restricted to paper certificates.

HaloSource will hold a general meeting on April 11 to put forward the proposal, which requires no fewer than two thirds of shareholders to approve the re-domiciliation.

Shares in HaloSource were untraded on Monday, last quoted at 1.60 pence.