Stolt-Nielsen S.A. Proposes Plan to Migrate Parent Company to Bermuda
(Thomson Reuters ONE) -
LONDON, July 12, 2010 - Stolt-Nielsen S.A. (Oslo Børs: SNI) today announced a
proposed plan to migrate the location of the parent company to Bermuda from
Luxembourg, where SNSA is currently registered.
Luxembourg's special holding company regime will end as of December 31, 2010, as
part of ongoing initiatives to harmonise laws and regulations among the member
states of the European Union. The proposed move is intended to enable the
Company and its shareholders to continue to benefit from a legal structure
similar to that which the Company has experienced as a holding company in
Luxembourg since 1974.
The proposal is subject to the approval of SNSA shareholders and will be voted
upon at an Extraordinary General Meeting of Shareholders to be held in
Luxembourg at a date to be determined. If approved, the migration of SNSA to
Bermuda is expected to be completed by the close of SNSA's fiscal year on
November 30, 2010. The migration is not expected to result in any significant
practical changes, from either a shareholder perspective or in terms of the
Company's functional structure, locations or operations. Shares would continue
to be traded on the Oslo Børs.
Commenting on the announcement, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of SNSA, said: "The Board of Directors of SNSA and the Company's
management are confident that this proposal, if approved, will enable the
Company to continue to optimise the benefits of its current structure."
For additional information please contact:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
j.engelhardtsen(at)stolt.com
Jens F. Grüner-Hegge
V.P. Corporate Finance
UK +44 (0) 20 7611 8985
j.gruner-hegge(at)stolt.com
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (SNSA or the "Company") is a leading global provider of
integrated transportation solutions for bulk liquid chemicals, edible oils,
acids, and other specialty liquids through its three largest business divisions,
Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm
produces and markets high quality turbot, sole, sturgeon, and caviar.
Stolt-Nielsen Gas transports liquefied petroleum gas (LPG) with its growing
fleet of very large gas carriers (VLGCs). Stolt-Nielsen S.A. is listed on the
Oslo Stock Exchange.
Forward-Looking Statements
This press release contains "forward-looking statements" based on information
available to the Company on the date hereof, and the Company assumes no
obligation to update any such forward-looking statement. These statements may be
identified by the use of words like "anticipate," "believe," "estimate,"
"expect," "intend," "may," "plan," "project," "will," "should," "seek," and
similar expressions. The forward-looking statements reflect the Company's
current views and assumptions and are subject to risks and uncertainties. The
Company does not represent or warrant that the Company's actual future results,
performance or achievements will be as discussed in the those statements, and
assumes no obligation to, and does not intend to, update any of those
forward-looking statements other than as may be required by applicable law.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1430938]
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Stolt-Nielsen S.A. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.07.2010 - 08:04 Uhr
Sprache: Deutsch
News-ID 23746
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