Osborne Clarke has advised Insignia Solutions plc (Insignia) in relation to the redomicile of the Insignia group, which provides online wholesaling services to the US market through Insignia's wholly-owned subsidiary, DollarDays International.

The redomicile, which was effected by a scheme of arrangement under the Companies Act 2006, saw America's Suppliers Inc., a newly created Delaware corporation, established as the new holding company of the Insignia group.

Prior to the scheme becoming effective, over 95% of Insignia shares were traded in the US under an American Depositary Receipt programme.  The new group structure enables direct trading of ASI shares in the US.

Patrick Graves, corporate partner, Osborne Clarke, said:

"We were delighted to be able to help restructure the Insignia group.  The new group structure will afford significant benefits to the group by streamlining its regulatory and reporting obligations, as well as enabling direct ownership of shares for ASI's American shareholders".

This transaction further builds on Osborne Clarke's expertise in effecting redomiciles by scheme of arrangement.  Previous transactions include the redomicile of the XP Power group to Singapore, and the inbound redomicile of Novera Energy to the UK. 

The Osborne Clarke team was lead by corporate partner Patrick Graves and corporate associate Tom Harvey, supported by corporate solicitor Sam Hawke.

Date: 22 Dec 2009