ARTICLE
11 August 1997

Subsidiary Of James Hardie Industries Moves To TCI

FS
Financial Services Commission

Contributor

Financial Services Commission
Turks and Caicos Islands Environment
RCI Corp. the financial subsidiary of Australian conglomerate, James Hardie Industries Ltd, completed a secondary offering of 1.48 Million subordinate voting shares to Canadian investors at US$26.00 a share - a US$38.48 million deal. RCI Corp. represented by the local law firm of McLean McNally, was originally a Netherlands Antilles company but was continued in the Turks & Caicos Islands in August of 1994. The reason that RCI Corp. moved to the Turks & Caicos Islands was that Standard and Poors, working in conjunction with McLean McNally, found that, amongst other things, The Companies Ordinance 1981 of the Turks & Caicos Islands had significant legal benefits and the requisite flexibility to make such an offering possible. RCI Corp. was also impressed with the status of the Turks & Caicos Islands as a British Dependent Territory and the sophisticated professional services offered within the Islands.

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