Invinity progressing domicile move from Jersey to the UK
By Josh White
Date: Friday 22 Nov 2024
(Sharecast News) - Invinity Energy Systems, a manufacturer of utility-grade energy storage solutions, said on Friday that its planned redomiciliation from Jersey to the UK was progressing as outlined in its interim results.
The AIM-traded firm said the move was expected to streamline corporate operations, reduce costs, and improve access to UK-based investors restricted to holding shares in domestically registered companies.
It said the redomiciliation involved implementing a scheme of arrangement to establish a new UK-incorporated parent company, 'New Invinity', with its tax residence in the UK.
The restructuring was expected to simplify the company's corporate structure, eliminate duplicative compliance costs, and better align its operational focus on key markets in the UK and North America.
Shareholders would receive one share in New Invinity for each share held under the current structure.
The board said the transition would also include a reduction of New Invinity's share capital, creating a distributable reserve of around £4.41m.
While the reserve allowed for future dividend payments, the company said there were no immediate plans for dividends.
To proceed, the scheme required shareholder approval at two meetings on 11 December.
The Jersey court meeting at 1500 GMT required at least 75% of shares voted to support the scheme, followed by the scheme general meeting, where shareholders needed to approve resolutions tied to the scheme by a two-thirds majority.
On securing the requisite approvals, Invinity said it would seek Jersey court sanction and subsequent listing permissions for New Invinity shares on AIM and the APEX segment of the AQSE Growth Market.
The redomiciliation remained conditional on approvals at both shareholder meetings, Jersey court sanction, and permissions from relevant market authorities.
Subject to those conditions being met, the company said it would issue further updates on the progress and effectiveness of the Scheme.
At 1218 GMT, shares in Invinity Energy Systems were up 1.14% at 12.39p.
Reporting by Josh White for Sharecast.com.
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