IG Group Clears Court Hurdle for Jersey Move as Shares Shift on 16 November

IG Group Holdings plc has cleared the final court stage of its plan to move its parent company from England and Wales to Jersey, with the group's shares expected to shift to a new Jersey-listed holding company on 16 November 2026. According to the company's regulatory announcement, the Court has made the order sanctioning the scheme of arrangement that gives effect to the redomiciliation.

For Australian readers who trade contracts for difference (CFDs) or spread bets, the headline may sound more dramatic than it is. The announcement describes a change to where the group's listed parent company is legally registered, not a change to the trading platforms, products or account terms that clients use day to day.

Contents

01

What the scheme actually changes

02

Prospectus approved and guidance reaffirmed

03

A bigger group, and a new board

What the scheme actually changes

The move is being carried out through a scheme of arrangement under Part 26 of the Companies Act 2006, a court-supervised process used to reorganise a company's share capital. Under the plan, a new Jersey company called Jenkins Topco plc, which will be renamed IG Group Holdings plc and is referred to as IG Jersey, becomes the holding company of the group. The proposal was first announced on 8 July 2026, and shareholders voted on it at a Court Meeting and an Extraordinary General Meeting on 3 September 2026.

The scheme circular setting out the detail was published on 16 July 2026. The court order still has to be delivered to the Registrar of Companies, which the company expects to happen at 8.00 p.m. UK time on 13 November 2026, or 7.00 a.m. AEST on 14 November. Only then does the scheme become effective.

In practical terms, existing IG Group Holdings shares are cancelled and new shares in IG Jersey are issued to the same shareholders. The old shares are expected to be de-listed at 8.00 a.m. UK time on 16 November 2026, or 7.00 p.m. AEST that day, and IG Jersey's shares are expected to be admitted to the Equity Shares (Commercial Companies) category of the UK Financial Conduct Authority's Official List and to trading on the London Stock Exchange's main market at the same time. Unconditional dealings are expected to begin then.

The last day of dealings in the existing IG Group Holdings shares, and the point at which the shareholder register is taken, is 6.30 p.m. UK time on 13 November 2026, or 5.30 a.m. AEST on 14 November. Any cash due to overseas shareholders from the sale of their entitlements is to be sent by cheque or credited to CREST accounts no later than 14 days after the new listing takes effect. CREST is the UK's electronic system for holding and transferring shares.

Prospectus approved and guidance reaffirmed

Alongside the court approval, the FCA approved a prospectus for the admission of IG Jersey's ordinary shares, and IG Jersey published it. The document is available on IG Group's website and will be uploaded to the National Storage Mechanism, the FCA's public archive of regulatory filings.

The prospectus reaffirms the guidance IG Group issued on 2 October 2026. For 2026, the group continues to expect total revenue growth in a mid-single-digit percentage range year on year. Non-recurring costs tied to the Jersey redomicile and to the restructuring linked to its refreshed organisational model, announced on 8 July 2026, are expected to be about £30 million for 2026, of which £16.4 million was reported in the first half. Excluding those costs and expenses related to the Underdog acquisition, which depend on the deal closing, the group's EBITDA margin for 2026 is expected to be in the low-40s per cent range. EBITDA is a rough measure of operating profit before interest, tax, depreciation and amortisation.

Over the medium term, and excluding Underdog, the Board expects organic total revenue growth at a compound annual rate of 10% or more from a 2025 base of about £1,100 million, with a group EBITDA margin in the mid-40s per cent range. The Board expects the proposed Underdog acquisition, if completed, to lift the combined group's medium-term revenue growth above IG Group's standalone organic rate, with the combined EBITDA margin initially below IG Group's standalone margin and rising over the medium term as Underdog scales. The company describes this guidance as reflecting expectations for performance over time rather than for any specific year.

A bigger group, and a new board

IG Group describes itself as a FTSE 100 financial technology company operating where retail trading, technology and capital markets meet. Its brands include IG, tastytrade, Freetrade, Independent Reserve and IG Prime, and it says it serves more than 1.4 million customers worldwide through leveraged trading, stock trading and investments, and cryptocurrency trading on its own platforms.

The board of IG Jersey will take shape from 13 November 2026. Following an announcement on 30 October, Kathleen DeRose joins as an independent Non-Executive Director on the date the scheme becomes effective. The board will then comprise Andrew Barron, Clifford Abrahams, Breon Corcoran, Jonathan Moulds, Rakesh Bhasin, Andrew Didham, Marieke Flament, Wu Gang, Sally-Ann Hibberd, Susan Skerritt, Helen Stevenson and Kathleen DeRose.

The company has said it will issue a further announcement once the scheme becomes effective, and will give notice through a Regulatory Information Service and on its website if any of the key dates change. For now, the timetable points to a single weekend in mid-November when the group's listed identity moves from London-registered to Jersey-registered, while its shares continue trading on the same London market.

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