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Tim Hortons Inc., the coffee chain with an image as Canadian as hockey and maple syrup, said Monday it plans to change its registration to become a Canadian company.
The company said it has filed a plan with the U.S. Securities and Exchange Commission to become a subsidiary of a firm incorporated in Canada. Tim Hortons is currently the subsidiary of a U.S. firm, after being spun off by former owner Wendy's International in 2006.
The management and board of directors of Tim Hortons said the move would boost the company's position to take advantage of lower Canadian tax rates commencing in the year after the change is made.
"The company currently earns the substantial majority of its income in Canada," Tim Hortons said, owing to the fact that it has 2,930 outlets in Canada and 527 in the United States
Current Tim Hortons shareholders would get stock in the new Tim Hortons on a one-for-one basis.
Shareholders must still vote on the proposed rearrangement at a special shareholder meeting set for Sept. 22 in Oakville, Ont.
Following the reorganization, Tim Hortons intends to maintain dual listings on both the New York Stock Exchange and Toronto Stock Exchange.
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