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(Alliance News) - TP ICAP PLC on Friday said it will change its name to TP ICAP Ltd "in due course" following the completion of its scheme to reorganise its corporate structure.
In December 2019, the London-based interdealer broker had proposed to incorporate a new company in Jersey, known as TP ICAP Group PLC, which would allow its shareholders to exchange their shares on a one-for-one basis.
TP ICAP said at the time that the reorganisation would create a corporate structure that would "provide greater financial flexibility for the group".
It was also intended that TP ICAP's tax domicile and the location of its primary stock exchange listing would remain in the UK.
The court order relating to the scheme has been delivered to the Registrar of Companies in England and Wales, making the completion of the scheme.
As a result, TP ICAP's old listing on the London Main Market was cancelled at 0800 GMT on Friday, followed by the listing of the group's new shares immediately afterwards.
The new TP ICAP has a total issued share capital of 788.7 million, with a nominal value of 25 pence each.
In addition, TP ICAP said it would re-register as a private limited company, and change its name to TP ICAP Ltd, though the group did not give an exact date.
Shares in TP ICAP were down 2.2% at 239.85 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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