Utilico to redomicile to UK from Bermuda

Scott Neil, Assistant Business Editor

Published Feb 14, 2018 at 10:40 am (Updated Feb 14, 2018 at 10:40 am)

On the move: Utilico Emerging Markets Ltd is listed on the London Stock Exchange. The closed-ended investment company intends to redomicile to the UK from Bermuda

Utilico Emerging Markets Limited, a closed-ended investment company, is to redomicile to the United Kingdom from Bermuda.

In a statement, the company said the proposed move was in its “best interests” but did not elaborate.

The news follows an announcement in November when the company, which has investments in infrastructure, utility and related sectors, said it was considering options for a possible change in its domicile.

The company is listed on the London Stock Exchange, and has a market capitalisation of £461 million ($642 million), with assets of £570 million ($788 million).

In today’s statement the company said: “Following a review, the board has concluded that it would be in the company’s best interests to redomicile to the United Kingdom.”

The proposed change will be conditional to the approval of shareholders and being sanctioned by the Supreme Court of Bermuda. The redomicilation is to be effected under the Companies Act 1981 of Bermuda.

The move will result in the creation of a closed-ended investment trust in the UK, which will be known as Utilico Emerging Markets Trust plc.

The company’s statement said the board will not be proposing any changes to the investment management arrangements as a result of the redomicile and, “other than JP Morgan Chase Bank NA, London Branch who will act as administrator, it is planned that the principal service providers to Utilico Emerging Markets Trust plc will remain the same”.

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