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Opus not avoiding taxes: Celarc

Friday, 22 June 2018
By Jake Nelson
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CanPrint’s production facility at Nyrang Street, Fyshwick, ACT.

Opus Group executive chairman Richard Celarc has said that the company’s re-domiciling to Bermuda and relisting on the Hong Kong stock exchange is not an attempt to avoid paying taxes in Australia.

Richard Celarc.

In a statement to Print21, Celarc said Opus will continue to meet its Australian tax obligations. “The proposal outlined in our June 15 announcement to the ASX is not a tax avoidance scheme. Opus has paid and will continue to pay full tax to the Australian government under the three operating subsidiaries – McPhersons Printing Group, Ligare Pty Ltd, CanPrint Communications Pty Ltd,” he said.

Celarc will remain the largest individual shareholder, and Lion Rock Group the majority shareholder in the company. “Since Lion Rock Group took majority control of Opus in 2014, approximately A$7 million has been spent on upgrading capacity and equipment. Significant capital investment will also be spent in the coming two years.”

According to Celarc, the move will allow the company to invest further in its machinery and facilities. “Opus Group has reached a point where significant investments for machinery upgrade and plant consolidation are needed,” he said. “Therefore, a move of its listing to Hong Kong where investors’ interest in the printing sector is stronger will help Opus Group’s fund raising in the future.”

Shareholders are expected to vote on the scheme in early September. If successful, the plan will see Opus delist from the ASX and re-domicile to Bermuda, and a new company called Left Field Printing Group Limited (TopCo) list on the Hong Kong stock exchange.

5 Responses to “Opus not avoiding taxes: Celarc”

  1. June 22, 2018 at 11:57 am,

    Banksy
    said:

    “Celarc said Opus will continue to meet its Australian tax obligations.”

    No doubt true, but their tax obligations to the Australian Government will be a lot less because they will be domiciled in a TAX HAVEN.

    “According to Celarc, the move will allow the company to invest further in its machinery and facilities.”

    This will be much easier to do now they will be paying a lot less tax.

    “Therefore, a move of its listing to Hong Kong where investors’ interest in the printing sector is stronger will help Opus Group’s fund raising in the future.”

    Yes I understand Communist China is a hotbed of interest in the Australian printing industry.

    I’m sure the Australian Government will be thrilled to have their confidential paperwork printed by a Bermudan company listed on the Chinese stockmarket. The marketing material writes itself.

    Might be time to open a shop in Canberra!

  2. June 22, 2018 at 1:45 pm,

    said:

    Pull the other one…it’s got bells on it

  3. June 22, 2018 at 1:55 pm,

    The Mailman
    said:

    I didn’t think pigs flew – what a refief

  4. June 27, 2018 at 10:37 am,

    Fairgo
    said:

    Ok, that’s cleared that up then, Richard. Thanks. It’s a relief to know you won’t be like this company (from NY Times, USA):
    “Becoming a Bermuda company is a paper transaction, as easy as securing a mail drop there and paying some fees, while keeping the working headquarters back in the United States.
    Bermuda is charging Ingersoll-Rand just $27,653 a year for a move that allows the company to avoid at least $40 million annually in American corporate income taxes.”
    Nice to know that Opus Group won’t be like that, right?

  5. June 27, 2018 at 1:44 pm,

    ArfurDaly
    said:

    Harharrr Fairgo! Like Google?
    https://www.bloomberg.com/news/articles/2018-01-02/google-s-dutch-sandwich-shielded-16-billion-euros-from-tax

    ‘Dutch Sandwich’ and ‘Double Irish’ – sound like a WWF match!

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