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July 1, 2013 /PRNewswire/ -- Noble Corporation (NYSE: NE) announced today its Board of Directors has approved changing the place of incorporation of the publicly traded parent of the Noble group of companies from
Switzerland to the
United Kingdom. The Company's shareholders will be asked to vote to approve the proposed change.
If approved by shareholders, Noble expects the change of the place of incorporation to be effective as soon as practicable following the merger of Noble Corporation, the current Swiss parent company, into a newly formed company incorporated under English law. The merger will result in the newly formed company serving as the publicly traded parent of the Noble group of companies. Noble expects that the shareholder meeting at which shareholders will vote on the migration will be called in the near future and will occur during the fourth quarter of 2013.
Noble Corporation's Chairman, President and Chief Executive Officer,
David W. Williams said, "After careful consideration, our Board of Directors has concluded that a change in place of incorporation to the
United Kingdom is in the best interests of Noble's shareholders. The
United Kingdom's position as an international business and travel center, coupled with its well established tax regime, will help us to maintain our competitive position in the global marketplace and manage our geographically dispersed operations."
Upon completion of the transaction, the Noble parent company will continue to be subject to U.S. Securities and Exchange Commission (SEC) reporting requirements, and its ordinary shares will be listed exclusively on the New York Stock Exchange under the symbol "NE", the Company's current trading symbol.
Full details of the merger and the change in place of incorporation, and the associated benefits and risks, will be provided in the Company's proxy statement/prospectus with respect to the extraordinary meeting of shareholders. Completion of the merger will be subject to various conditions described in the proxy statement/prospectus.