SCISYS PLC ("SCISYS", "the Company", or "Old SCISYS"), the supplier of bespoke software systems, IT-based solutions and support services to the Media & Broadcast, Space, Government, Defence and Commercial sectors, today confirms a proposed change to the corporate structure of the SCISYS group (the "Group") as part of its previously announced Brexit contingency planning exercise, the principal objectives of which were to:
· protect shareholder value;
· mitigate the possible negative effects of Brexit on the Group's space business; and
· retain the Group's AIM listing.
The restructuring proposals (the "Proposals") will create a new Group holding company ("New SCISYS"), which will be a public limited company incorporated in Ireland and listed on AIM and the Enterprise Securities Market of Euronext Dublin ("ESM"). It is intended that New SCISYS will be tax resident in the United Kingdom.