23rd Dec 2019 08:38
(Alliance News) - TP ICAP PLC on Monday proposed to incorporate a new company in Jersey, Channel Islands, allowing its shareholders to exchange their existing shares on a one-for-one basis.
The proposed new structure is subject to shareholder and regulatory approvals, the FTSE 250-listed investment firm said.
As a key part of the proposal, it is intended that TP ICAP's tax domicile and the location of its primary stock exchange listing would remain in the UK. Similarly, it said there would be no change in the location of employees.
Shares in the newly incorporated company are expected be listed on the Premium segment of the Main Market of the London Stock Exchange, and are expected to be eligible for FTSE index inclusion. The proposal is anticipated to complete before the end of first half of 2020, TP ICAP said.
"The board considers that the proposal will result in a corporate structure that should provide greater financial flexibility for the group, support the effective governance of the business and improve the competitiveness of the group," TP ICAP said in its statement Monday.
The stock was trading 0.2% higher in London on Monday at 410.80 pence a share.
By Evelina Grecenko; [email protected]
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