Document XRYROR2wK39EOj74vbMejjD8R

FILE NAME Cape Asbestos CAPE DATE 1975 Sept 25 DOC CAPE168 DOCUMENT DESCRIPTION Letter to NAAC proposing formation of a new subsidiary as a holding company for Cape Industries & UK Subsidiaries for tax purposes Legal - Tibbs Case Exhibit 66 / i / Cape Industries Limited ; . 114 Park Street London W1Y 4AB Telephone 01-499 6022 Talex 24811 Telegrams Incorrupt London Pag 402030 England Requtered office as above @ @ MMH Mrs. J. Holtze Secretary North American Asbestos 150 North Wacker Chicago Illinois 60606 Drive Corporation U.S.A. SEP 2 9 1975 25th September 1975 Dear Mrs. Holtze Overseas Holding Company We are proposing for tax reasons to form a new wholly owned subsidiary to be called subject to the Registrar's consent Cape Industries Overseas Limited which will act as a holding company for Cape Industries and its U.K. subs^>diaries shareholdings in overseas subsidiaries and associates It is important that the new company is incorporated and the transfers of shares completed by not later than 1st December 1975 In connection with new company would the you proposed transfer of Cape's please advise me as soon as shareholding in NAAC possible whether in to the the U.S.A 1 any Exchange Control or other formal consent to the transfer will be necessary 2 any material stamp transfer duty or other expense will be incurred 3 any legal or other complications will arise Assuming no particular cost or other problems are involved would you please arrange for any necessary application for consent under a to be submitted and for the requisite share transfer form to be sent to me for signature I emphasise that the proposed change is being made solely in order to reduce the taxation liability arising in the U.K. and does not affect existing management structures or responsibilities in any way Yours sincerely sincerelysim ncderely M.M. House CC Dr. Mr. R. Caze J.L.Sparkes CAPE000149