Archive for the ‘BVI redomiciliation’ Category

Lenta Ltd starts redomiciliation from the British Virgin Islands to Cyprus

Friday, January 10th, 2020

Lenta Ltd., one of the largest retail chains in Russia, announced that it has started the process of redomiciliation from the British Virgin Islands into Cyprus. On 19 December 2019, further to obtaining shareholder approval of the redomiciliation at the company’s extraordinary general meeting on 22 October 2019, the company applied to the Department of Registrar of Companies and Official Receiver for continuance of its incorporation into Cyprus.

Redomiciliation will become effective when Lenta Ltd receives a certificate of temporary registration in Cyprus, and thereafter the company will change its registered office address to 6 Karaiskaki Street, City House, 3032 Limassol, Cyprus, and will change its form to the public limited liability company incorporated under the laws of Cyprus. The company will adopt new memorandum and articles of association, will change its name to Lenta PLC and will transfer its register of shareholders from the British Virgin Islands to Cyprus. The Company’s GDRs will continue to be admitted to trading on the London Stock Exchange and the Moscow Exchange and to the Official List of the UK Financial Conduct Authority.

Also, independently of the redomiciliation, the company is planning to change the depositary appointed in connection with the company’s global depositary receipt programme from Deutsche Bank Luxembourg S.A. to its affiliate Deutsche Bank Trust Company Americas. This change of depositary shall become effective as of the earlier of the effective Date and 28 February 2020.

BVI group moves to Guernsey

Saturday, December 5th, 2015

SafeCharge International Group Limited, an international provider of payments services, technologies and risk management solutions to online and mobile businesses, has successfully moved from the British Virgin Islands to Guernsey, with capitalization of about £400 million. Redomiciliation was completed on 30 October, motivated by several factors. One of the main reasons is Guernsey being a base jurisdiction for a number of funds and companies listed on the London Stock Exchange, and its good position for possible future move to the Main Market.

The group has operations in the UK, Cyprus, Bulgaria, Israel, Germany, Austria and Ireland, a diversified, blue chip client base and is a trusted payment partner for customers from various e-commerce verticals.

China Information Technology, Inc. completes reorganization as BVI company

Monday, November 12th, 2012

China Information Technology, Inc. (CNIT), China-based company specializing in geographic information systems (GIS), digital public security technology (DPST), and hospital information systems (HIS), as well as high-end digital display products and solutions in China, announced the completion of the reorganization merger. The purpose of this transaction was to reorganize the company as a British Virgin Islands company.

Pursuant to the merger, each outstanding share of the common stock of China Information Technology was converted into the right to receive one ordinary share of CNIT as a British Virgin Islands company (CNIT BVI).

Ordinary shares of the BVI company are listed on the NASDAQ Global Select Market under the same trading symbol under which the common stock of the company were listed.

China-based company announces redomiciliation to British Virgin Islands

Wednesday, June 27th, 2012

China Information Technology, Inc., the company providing information and display technologies based in China, announced that its Board of Directors has approved redomestication of the company from the State of Nevada to the British Virgin Islands jurisdiction.

A wholly-owned subsidiary of the company, BVI-domiciled China Information Technology, Inc. (CNIT BVI) filed a registration statement on the redomestication transaction and the inclusion of a proposal to approve the transaction at the company’s next annual meeting of stockholders.

The Board of Directors of the company considers that its redomestication to the BVI will bring numerous benefits to the company. The transaction will make CNIT BVI’s shares more attractive to non-U.S. investors and so increase the number of shareholders. As a result of the redomestication, the company can (but not obliged to) dual-list its shares on the Hong Kong Stock Exchange. Also, the company is to be allowed to qualify as a “foreign private issuer” under the rules and regulations of the SEC, and thereby reduce its costs.

After the transaction, if approved by the company’s stockholders, the company is expected to continue to trade on the NASDAQ.