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Supreme Court sanctions BW LPG scheme of arrangement

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A straightforward re-domiciliation exercise: Very Large Gas Carrier BW Gemini loading at Enterprise Terminal (File photograph)

The Supreme Court of Bermuda has sanctioned a scheme of arrangement that will see BW LPG Ltd, the liquefied petroleum gas shipper, move its place of incorporation to Singapore.

The company has been registered in Bermuda since 2008.

Jonathan O’Mahony, counsel at law firm Conyers, represented the company before Larry Mussenden, the Chief Justice, at the sanction hearing held via Zoom.

Mr O’Mahony said the matter was “a straightforward re-domiciliation exercise by the company”.

He told the court that the company’s shareholders had voted 99.99 per cent in favour of the scheme by value of their underlying shareholding.

Mr O’Mahony said the convening order made by the court on May 15 had been complied with in all respects.

He noted that no one had attended the hearing to say that the scheme should not be sanctioned.

Mr Justice Mussenden granted the sanction order.

Now that the scheme has been sanctioned by the court, it will become binding on the company and its shareholders once a copy of the court order is filed with the Registrar of Companies in Bermuda.

The company said it expects that the re-domiciliation will come into effect on or around July 1, subject to the filing of the court order, the final approval by the Singapore Accounting and Corporate Regulatory Authority and the satisfaction or waiver of all conditions to the scheme.

BW LPG is associated with BW Group, a global maritime company involved in shipping, floating infrastructure, deep-water oil and gas production, and new sustainable technologies.

Founded in 1955 by Sir YK Pao, BW controls a fleet of more than 490 vessels transporting oil, gas and dry commodities, with its 200 liquefied natural gas and LPG ships constituting the largest gas fleet in the world.

Jonathan O’Mahony of law firm Conyers (Photograph supplied)
Larry Mussenden, the Chief Justice (File photograph)