Hiscox Completes Bermuda Move
London-based insurer, Hiscox has announced that its corporate reorganisation
to introduce a new Bermudian domiciled holding company for the Group (Hiscox
Ltd) has become effective. The board revealed on Tuesday that shareholder approval for the move was received
at an extraordinary general meeting of the company held last month. The new ordinary shares of Hiscox Ltd commenced trading on the London
Stock Exchange on Tuesday. Hiscox plc’s shares were de-listed from the
Official List and from the London Stock Exchange's main market for listed securities
earlier in the day. Hiscox Ltd said that it would put in place a dividend access mechanism which
is designed to preserve the current UK tax treatment of UK-resident shareholders
in relation to dividends to be paid by Hiscox Ltd. Under this dividend access
mechanism, holders of Hiscox Ltd shares may elect to be paid dividends from
Hiscox plc via a trustee rather than from Hiscox Ltd. Bermuda's more favourable tax regime and its proximity to its increasingly
important US market have been cited by the company as the major reasons for
the formation of the new entity. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.