Farage praises ‘big victory for Brexit Britain’
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Oil company Royal Dutch Shell will ask its shareholders whether it should move its tax residence and headquarters from the Netherlands to the UK in an attempt to simplify the company’s structure. The company would also drop the “Royal Dutch” from its name under the reshuffle as it clashes with the Netherlands Government over emission and dividend targets. Nigel Farage appeared on his late-night GB news programme and heralded it as a big victory for Brexit Britain as the former MEP said it shot down criticisms the UK would lose all of its businesses because of the referendum.
Speaking on GB News, Mr Farage reflected on the story and gave his verdict on the events.
He told viewers: “Royal Dutch Shell, they’ve been around for a very long time, they’ve been around for a few centuries actually.
“And during the referendum and after the referendum, we were told that firms like Royal Dutch Shell would headquarter in the Netherlands and we would lose them all because of Brexit.
“Well they’ve decided they’re going to get rid of Royal Dutch, they are just going to be called Shell.”
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“And they’re moving all their operations to London.
“It’s a big victory for Brexit Britain so let’s say there’s at least a bit of good news today.”
Royal Dutch Shell has a dual structure meaning it is split into several businesses and offers different shares on the stock market.
The move was introduced in 2005 following a company overhaul.
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However, company leaders have sought to get rid of the structure and replace it with a simpler single formation which makes it easier to pay out to shareholders.
Royal Dutch Shell has been fighting with Dutch authorities over a 15 percent dividend withholding tax on its shares meaning international investors are put off.
The proposed single structure would follow British law meaning they would not need to follow the dividend tax.
The Dutch Government spoke out against the move and said on Monday it was “unpleasantly surprised”.
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Sir Andrew Mackenzie, Shell’s chairman, said: “The simplification is designed to strengthen Shell’s competitiveness and accelerate both shareholder distributions and the delivery of its strategy to become a net-zero emissions business.
“The current complex share structure is subject to constraints and may not be sustainable in the long term.”
Shareholders will vote on whether the company moves to the UK on December 10.
Following the announcement, Shell shares rose 2 percent on Monday.
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