Posts Tagged ‘CanPrint’

  • Opus not avoiding taxes: Celarc

    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.