Dragon Oil retains Irish holding company and opts for 'premium' listing on LSE

Dragon Oil PLC (LSE: DGO) told investors that it has re-assessed its proposed corporate restructuring, announced in March 2009. Following an extensive review the company has decided against its previous plans to incorporate a new holdings company in Bermuda, instead it will remain as an Irish incorporated holdings company.

"The decision not to proceed with the restructuring has been taken after extensive additional review by the board of the advantages and disadvantages of such a process and has determined that Ireland remains an attractive jurisdiction for the holding company of the group”, Dragon Oil chief executive Dr Abdul Jaleel Al Khalifa commented. 

Whilst retaining the existing corporate structure, Dragon has separately designated its listing on the London Stock Exchange as a ‘premium listing’, in accordance with recent changes to the UK listing regime. The premium listing became effective as of the 6 April 2010.

“Dragon Oil remains committed to maintaining the highest standards of corporate governance and the premium listing on the London Stock Exchange should help Dragon Oil develop its profile in international capital markets", Jaleel Al Khalifa added.

Under the new listing regime, the previous primary and secondary listing categories have been replaced by ‘premium’ and ‘standard’ listings. A premium listed company must adhere to the UK’s super-equivalent rules, which are more demanding than the EU minimum requirements, in relation to the standards of regulation and corporate governance. Companies with a ‘standard’ listing are required to comply with EU minimum requirements.

The FTSE UK Index Series is open to eligible premium listed companies, whilst companies with a ‘standard’ listing are not eligible for inclusion.

http://www.proactiveinvestors.com.au/companies/news/6271/dragon-oil-retains-irish-holding-company-and-opts-for-premium-listing-on-lse-6271.html