NEW YORK, June 3, 2010 (GLOBE NEWSWIRE) -- W.P. Stewart & Co., Ltd. ("W.P. Stewart" or the "Company") announced today the completion of its previously announced corporate restructuring. On May 28, 2010, following a sanction hearing before the Supreme Court of Bermuda, the Company completed a share exchange transaction effected by a scheme of arrangement (the "Scheme of Arrangement") between the Company and the holders of its common shares pursuant to which each holder of common shares of the Company that were issued and outstanding immediately before the transaction was effected transferred such common shares to a newly incorporated Delaware corporation wholly owned by the Company (the "Delaware Company") solely in exchange for the same number of shares of common stock of the Delaware Company. Immediately after effecting the Scheme of Arrangement, the Company completed an amalgamation with and into the Delaware Company, with the Delaware Company continuing as the surviving corporation in the amalgamation and with the Delaware Company being renamed "W.P. Stewart & Co., Ltd.". As a result of this transaction the Company has reorganized from an exempted company incorporated with limited liability under the laws of Bermuda to a Delaware corporation.
The Company has been advised that its common stock currently continues to be traded on the Pink Sheets under the symbol "WPSLF" although a new trading symbol may be issued, in which case the Company will post the new trading symbol on its website, www.wpstewart.com. The Company's shares will no longer be listed on the Bermuda Stock Exchange following the reorganization.
Completing the Scheme of Arrangement and amalgamation is intended to be a further step along the path of simplifying the Company's corporate structure and further reducing its underlying cost base. The Company had previously sent to its shareholders a Proxy Statement dated April 19, 2010 in connection with its Special Court-Ordered General Meeting of shareholders to approve the Scheme of Arrangement. This Proxy Statement, which is available on the Company's website, www.wpstewart.com, detailed the restructuring and its implications for the Company and its shareholders, including changes to the Company's Board of Directors and executive officers. In relation to the transaction, Mark Phelps, CEO of the Company commented, "We thank our former employees in Bermuda for their years of dedicated service to the Company and we thank Angus King, Henry Smith and Richard Spurling for their service as directors of the Company prior to the restructuring. We also look forward to the expected benefits of a more stream-lined corporate structure going forward."
The Company also announced today the appointment of James Tierney, Senior Vice President of the Company's U.S. equity research and portfolio management subsidiary, as the firm's Chief Investment Officer. Commenting on this appointment, Mark Phelps said, "We are happy to formally announce Jim's new leadership position within the firm. Jim has been a member of our investment management team since 2000 and has been leading our research effort for the past two years, working closely with Bill Stewart and myself. Jim's contribution has been critical to our investment performance over the past few years and this appointment reflects his strong leadership capabilities."
W.P. Stewart & Co., Ltd. is an asset management company that has provided research intensive equity management services to clients throughout the world since 1975. The Company is headquartered in New York, New York and has additional operations or affiliates in Europe.
For more information, please visit the Company's website at http://www.wpstewart.com, or call W.P. Stewart Investor Relations at 1-888-695-4092 (toll-free within the United States) or 1-212-750-8585 (outside the United States) or e-mail to IRINFO@wpstewart.com. Statements made in this release concerning our assumptions, expectations, beliefs, intentions, plans or strategies are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ from those expressed or implied in these statements. Such risks and uncertainties include, without limitation, the effects of the Company's corporate reorganization, the adverse effect from a decline or volatility in the securities markets, the general downturn in the economy, the effects of economic, financial or political events, a loss of client accounts, inability of the Company to attract or retain qualified personnel, a challenge to our former U.S. tax status, competition from other companies, changes in government policy or regulation, a decline in the Company's products' performance, inability of the Company to implement its operating strategy, the effects of the Company's delisting and deregistration under the U.S. Securities Act of 1934, inability of the Company to manage unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations, industry capacity and trends, changes in demand for the Company's services, changes in the Company's business strategy or development plans and contingent liabilities. The information in this release is as of the date of this release, and will not be updated as a result of new information or future events or developments.