TORONTO – Intertain Group Ltd. (TSX:IT) says it’s going ahead with plans to shift its corporate home from Toronto to London and its stock listing to the London Stock Exchange following the United Kingdom’s vote to leave the European Union.
The online bingo company tentatively announced the move in March and said Tuesday that it continues to believe the U.K. will be a better place for its corporate base, even with last month’s referendum results.
Intertain shareholders would receive shares of a new parent company on a one-for-one basis.
In addition, certain shareholders resident in Canada could choose to get their shares on a tax-deferred basis.
Intertain’s board doesn’t plan to issue new London-listed shares as part of the move, given the prevailing market conditions and the current price of its stock.
Its shares closed Monday at $11.26, up 16.2 per cent from $9.69 on March 9 prior to Intertain’s initial announcement of the proposed move.