Payments company SafeCharge International Group Ltd (LON:SCH) has set October 30 as its date to re-domicile the company from the British Virgin Islands to Guernsey. We had previously reported that SafeCharge shareholders had approved the move at the company’s annual meeting, back in May.
At the time of the company’s IPO in 2014, the SafeCharge Board indicated that it would review the potential to migrate the Company away from the British Virgin Islands.
The move will require the company to technically replace its shares, which trade on the London Stock Exchange’s AIM market. The changeover is planned for October 30.
Why Guernsey?
Guernsey is a recognized base for financial funds and companies, many of which are listed on the London Stock Exchange. And SafeCharge believes that a migration to Guernsey would help facilitate a potential future move by the Company from AIM to the Main Market of the London Stock Exchange.
In addition, as a company incorporated in Guernsey, SafeCharge will fall under the auspices of The City Code on Takeovers and Mergers, thereby affording additional protections to shareholders. The Directors also believe that as a Guernsey-domiciled company, SafeCharge will be a more attractive investment proposition and that such a move would help facilitate greater liquidity in the Company’s shares.
The migration process is to take place by way of a continuation under the laws of the British Virgin Islands and of Guernsey, meaning that the Company will continue and remain as the same corporate entity.
To see the LSE filing on SafeCharge’s plans click here.