Caribbean Investment Holdings Limited
15 April 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
This announcement contains inside information.
Further to the Company's announcement on 7 April 2020, the Board today announces that it has formally resolved to proceed with the proposed continuation of the Company's jurisdiction of incorporation from
CIHL's Board has concluded that the Continuation is in the best interests of the Company as the Directors believe that BVI offers a more appropriate legal, regulatory and taxation environment for the Company. The business of the Company and its subsidiaries (the "Group") will not change as a consequence of the Continuation and there will be no change to the Board of Directors, the Group's assets and liabilities, or its share capital structure upon completion of the Continuation. The Company will maintain its admission to trading on AIM, through a re-admission of its existing DIs to trading on AIM on the Effective Date, as well as the Bermuda Stock Exchange following the Continuation.
A circular explaining the Continuation in further detail will be made available to shareholders shortly on the Company's website: http://www.cihltd.co (the "Circular"). The Circular contains details, inter alia, of:
· the reasoning behind the Continuation;
· the reconciliation of the differences in corporation and tax law between
· differences in regulatory provisions / shareholder rights that may apply to a public company incorporated in
· details of changes to the constitution of the Company.
The Board has taken steps to ensure that there is limited impact to shareholders and holders of DIs as a consequence of the Continuation. As noted above, there will be a new ISIN for the DIs following the Continuation (which is VGG1991M1032) but otherwise DIs are not expected to be impacted and the arrangements will, save as set out in the Circular, remain as they are currently while the Company remains registered and incorporated in
Person releasing this information on behalf of CIHL: Philip Osborne, Company Secretary
For further information contact:
Caribbean Investment Holdings Limited
Belize +501 227 7178
Cenkos Securities plc
Nicholas Wells +44 (0)207 397 8920
Note: This and other press releases are available at the Company's website: http://www.cihltd.co.
Background Information
Caribbean Investment Holdings Limited ("CIHL") is a parent holding company with no independent business operations or assets other than its investments in its subsidiaries, intercompany balances and holdings of cash and cash equivalents. CIHL's businesses are conducted through its subsidiaries. The Belize Bank Limited ("BBL") is incorporated and based in Belize and focuses on the provision of financial services and lending to domestic clients. Belize Bank International Limited is incorporated and based in Belize and focuses on the provision of financial services and lending to international clients. CIHL also owns an international corporate services business based in Belize, which operates as Belize Corporate Services Limited. Within Belize, BBL is one of the largest, full service commercial and retail banking operation with a head office in Belize City and eleven branches extended into each of the six districts of Belize. The principal operations of BBL are commercial lending, consumer lending, deposit taking and related banking activities.