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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