Cardtronics Inc.plans to redomicile to change its parent company location to the U.K. from Delaware,subject to shareholder approval.
The company said in a news release that the redomicile is intendedto better align its corporate structure with its current and future business activities.The company has about 60% of its global workforce in the U.K. and said its fastest-growingsegments are in the U.K. and continental Europe.
Cardtronics' North American headquarters will stay in Houston,with its European headquarters to be in London. Corporate activities will take placefrom both locations, and the company does not expect any impacts to employees, day-to-dayoperations or customer service as a result of the change.
The company will hold a special meeting, expected to take placeJune 28, for shareholders to vote on the proposed plan. If approved, the companyexpects the change to become effective early in the third quarter after the mergerof the company with one of its units. Cardtronics will survive as an indirect, whollyowned subsidiary of Cardtronics Group Ltd., a newly formed English public limitedcompany and current wholly owned subsidiary of Cardtronics, which will be re-registeredas an English public limited company and renamed Cardtronics plc.
The merger will result in each shareholder receiving one Cardtronicsplc share for each Cardtronics common share held immediately prior to the merger.After the merger, Cardtronics plc will become the publicly traded corporate parentof the Cardtronics group of companies. Cardtronics plc shares issued in the mergerare expected to be listed on the Nasdaq Stock Market under the symbol CATM.
Expenses associated with executing the redomicile, most relatingto nonrecurring professional service fees, will be adjusted from the company's 2016non-GAAP earnings measures.