LONDON Optical component supplier Bookham Technology plc is planning to move its corporate base to the United States and be listed solely on the Nasdaq stock market.
The company, currently based in Oxfordshire, plans to exchange every ten existing Bookham shares for one share of common stock in a newly incorporated Delaware corporation, “Bookham Inc.” Bookham common stock is expected to be listed on the Nasdaq.
The company's board said the share exchange ratio will set an initial trading price for the Bookham common stock that more accurately reflects the trading price of U.S. shares. The equity structure will be more typical of a company of Bookham's size, the company said.
According to Bookham CEO Giorgio Anania, “Over the past four years since our IPO, our business has changed significantly and we believe a change in domicile would more accurately reflect the current profile of the company and be in the best interests of shareholders.” Bookham's competition is principally located in the United States, and this move is expected to allow it to compete with these companies on an equal footing for investment and acquisition opportunities. Bookham expects to continue investing in the development of its UK technology base, and in particular in its two main U.K. facilities in Caswell and Paignton.
The move is subject to shareholder and regulatory approval as well as taxation clearances. It is expected to be completed by Sept. 30.