Stolt-Nielsen to move to Bermuda

(July 16 2010)

Stolt-Nielsen (SNSA) is to move its parent company from Luxembourg to Bermuda, subject to shareholders’ agreement.


Luxembourg's special holding company regime will end on 31st December, 2010, as part of ongoing initiatives to harmonise laws and regulations among the EU member states.


The proposed move is intended to enable the company and its shareholders to continue to benefit from a legal structure similar to that which SNSA has experienced as a holding company in Luxembourg since 1974.


It is still subject to SNSA shareholders’ approval and will be voted upon at an extraordinary general meeting to be held in Luxembourg at a date still to be determined.


If approved, the move is expected to be completed by the close of SNSA's fiscal year on 30th November, 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, SNSA said.


Shares would continue to be traded on the Oslo Børs.


Commenting on the announcement, Niels Stolt-Nielsen, SNSA CEO, 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."