Burges Salmon advises SCISYS on Brexit restructuring

The firm’s corporate team is advising leading IT services developer SCISYS on its proposed restructuring to introduce a new parent company incorporated in Ireland.

17 October 2018

Burges Salmon is advising its long-standing client SCISYS Group on its restructuring to introduce an Irish parent company.

The new company will be admitted to trading both on AIM and the Enterprise Securities Market of Euronext Dublin (ESM). SCISYS is a pan-European supplier of bespoke software systems, IT-based solutions and support services to the Media and Broadcast, Space, Government, Defence and Commercial sectors.

Corporate partner Rupert Weston is leading the Burges Salmon team on the restructuring, the purpose of which is to mitigate the possible negative effects of Brexit on SCISYS’ space business and protect shareholder value, whilst retaining the Group’s AIM listing. 

The restructuring, which is being implemented by means of a scheme of arrangement, will allow SCISYS to satisfy any applicable EU residency requirements for EU funded work without adversely affecting the Group's ability to continue to contribute to Space programmes funded by the European Space Agency, the UK Space Agency and other commercial operators. 

Currently SCISYS is a party to a number of important contracts in relation to EU funded contracts in the Space sector, particularly in connection with the Galileo satellite navigation programme, its augmentation system, The European Geostationary Navigation Overlay Service (EGNOS) and the Horizon 2020 (research and development) programme. Following implementation of the restructuring SCISYS will remain tax resident in the United Kingdom. 

Rupert comments: “We are delighted to be advising SCISYS on what is a key strategic transaction for its business.

“We are advising a wide range on clients on the implications of Brexit for their businesses and SCISYS’ proposals are a tangible example of mitigation plans being put into action. We expect to help more clients implement their plans in the run up to Brexit, and beyond.”

Chris Cheetham, Finance Director at SCISYS, says: “The launch of this restructuring follows months of planning and analysis. Burges Salmon have been by our side throughout that process and have provided invaluable support and guidance.”

Key contact

Rupert Weston

Rupert Weston Partner

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