Stolt-Nielsen S.A. Proposes Plan to Migrate Parent Company to Bermuda
LONDON, July 12, 2010 - Stolt-Nielsen S.A. (Oslo B?rs: SNI) today announced a proposed plan to migrate the location of the parent company to Bermuda from Luxembourg, where SNSA is currently registered.
Luxembourg's special holding company regime will end as of December 31, 2010, as part of ongoing initiatives to harmonise laws and regulations among the member states of the European Union. The proposed move is intended to enable the Company and its shareholders to continue to benefit from a legal structure similar to that which the Company has experienced as a holding company in Luxembourg since 1974.
The proposal is subject to the approval of SNSA shareholders and will be voted upon at an Extraordinary General Meeting of Shareholders to be held in Luxembourg at a date to be determined. If approved, the migration of SNSA to Bermuda is expected to be completed by the close of SNSA's fiscal year on November 30, 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. Shares would continue to be traded on the Oslo B?rs.
Commenting on the announcement, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, 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."
For additional information please contact:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
Jens F. Gr?ner-Hegge
V.P. Corporate Finance
UK +44 (0) 20 7611 8985
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (SNSA or the "Company") is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm produces and markets high quality turbot, sole, sturgeon, and caviar. Stolt-Nielsen Gas transports liquefied petroleum gas (LPG) with its growing fleet of very large gas carriers (VLGCs). Stolt-Nielsen S.A. is listed on the Oslo Stock Exchange.
This press release contains "forward-looking statements" based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statement. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "should," "seek," and similar expressions. The forward-looking statements reflect the Company's current views and assumptions and are subject to risks and uncertainties. The Company does not represent or warrant that the Company's actual future results, performance or achievements will be as discussed in the those statements, and assumes no obligation to, and does not intend to, update any of those forward-looking statements other than as may be required by applicable law.