The Australian Federal Court has approved Atlassian’s proposal to establish a holding company in England and Wales.
The proposal has been before the court since late November and was subject to a shareholder vote on January 29. Atlassian directors, who held a vast majority of company shares, unanimously recommended the relocation.
Atlassian expects UK shares to be more appealing to overseas investors because British regulations are more relaxed and better understood than those in Australia.
Following the court’s approval yesterday, Atlassian shareholders and optionholders will exchange their Australian entitlements for shares and options in Atlassian UK this afternoon.
As of mid-December, there were almost 178 million Atlassian shares, of which co-founders Mike Cannon-Brookes and Scott Farquhar held a combined 78.6 per cent.
The company is widely expected to list on the NYSE or NASDAQ this year.