Here’s recent news on the Riverdeep/HMCo setup of a holding company in the Cayman Islands. This is excerpted from an Irish news article:
By Joe Brennan and Charlie Weston
Tuesday June 19 2007
HM Riverdeep (HMR), the education publishing company controlled by Barry O’Callaghan, plans to set up a new holding company for the business in the "less onerous" corporate regulatory regime of the Cayman Islands.
HMR, formed from Riverdeep’s reverse takeover of Houghton Mifflin last year to create a $5bn (€3.7bn) group, is asking shareholders to approve the setting up of a holding company called Education Media and Publishing Group at an extraordinary general meeting to be held on July 9.
In a document to shareholders, seen by the Irish Independent, O’Callaghan said that Cayman Islands law allows for greater scope in making distributions to shareholders.
"Irish law largely restricts companies to make such distributions out of realised profit less realised losses.
"The definition of profit available in the Cayman Islands is much broader and so allows for greater flexibility in making distributions out of share capital subject to limited restrictions," the group’s executive chairman continued.
