Anglian Water has petitioned the Cayman Islands High Court for permission to proceed with the removal of its Cayman Islands subsidiary, which has always been registered in the UK for tax purposes.
The move follows unanimous consent from its lenders for the company to be removed from Anglian Water’s structure. It is one of a number of financial and corporate measures announced in March, designed to improve transparency, trust and customer confidence.
The company has already made significant progress in improving the clarity of its financial structures, with the repayment of an intercompany loan in March. The changes, once complete, will simplify the presentation of Anglian Water’s accounts and improve the transparency of its financial structure.
Commenting on the progress made, Anglian Water Water’s Chief Executive Officer, Peter Simpson, said:
“As a responsible business, I’m delighted with the speed at which we have been able to start to implement the initiatives we announced in March, and I’m grateful to our shareholders for their support in making these changes.”
The Cayman Islands-based company was set up to enable structural changes in 2002, but subsequent changes to UK legislation mean it would not be needed if Anglian Water were to do the same again.
Anglian Water said it does not receive, and never has received, any tax advantage from the company. Unlike some others in the industry, the subsidiary has never been used to raise debt finance. It is effectively dormant and will be permanently removed from the group structure.
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