https://www.miningweekly.com
Exploration|Resources
Exploration|Resources
exploration|resources

Tethyan to redomicile from UK to Canada

22nd May 2019

By: Creamer Media Reporter

     

Font size: - +

Serbia-focused Tethyan Resources has announced that it will redomicile the company from England and Wales to British Columbia, Canada, to avoid the UK stamp duty tax.

The UK stamp duty tax – a tax of 0.5% payable to HM Revenue and Customs Stamp Office – is unfamiliar to many investors that purchase shares of UK-domiciled public companies that are listed on the TSX-V and as a result creates an unexpected transaction cost.

“This stamp duty tax obligation places Tethyan at a disadvantage compared to non-UK-domiciled public exploration companies when attracting investors to purchase existing shares of the company,” the exploration and development firm said on Tuesday.

Redomiciling will be effected through the change of the corporate structure of Tethyan and its subsidiaries by establishing Tethyan Resource (New Tethyan), a new Canadian-incorporated parent company, at the head of the group. Tethyan has applied to the TSX-V to list the New Tethyan shares for trading on the exchange.

In September 2017, Tethyan’s shares commenced trading on the TSX-V and, subsequently, the company delisted its shares from the Aim market of the LSE.

“The proposed redomiciling is consistent with our expanding international shareholder base, and better positions us to realise our strategic goals. We recently completed a successful financing led by a North American institution, and are well capitalised for our 2019 exploration programme,” said CEO Jerrold Annett.

The company has also simplified its capital structure by acquiring and cancelling the legacy non-voting deferred shares that were no longer serving a purpose.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.135 0.169s - 108pq - 2rq
Subscribe Now