Scysis to re-domicile to Ireland in Brexit contingency plan

(Sharecast News) - Software company Scisys has announced plans to create a holding company incorporated in Ireland as part of its Brexit contingency plans.The holding company will be listed on the junior AIM market and the Enterprise Securities Market of Euronext Dublin and Scisys will be tax resident in the UK."Given the levels of uncertainty which still remain regarding the United Kingdom's future relationship with the European Union, and the group's ongoing desire to continue its long-standing participation in European Union funded programmes, the directors of Scisys now concluded that it is in the best interests of the group to begin formal steps to implement a restructuring of the group. "In particular, the proposals are expected to enable the group to satisfy any applicable European Union residency requirements for EU-funded work without adversely affecting the group's ability to continue contributing to space programmes funded by the European Space Agency, the UK Space Agency and other commercial operators."Shareholders are due to vote on the move at a general meeting next month.At 1445 BST, the shares were down 6.1% to 146.98p.