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14 Significant subsidiaries and joint ventures<br />
Following the Scheme becoming effective, <strong>Vesuvius</strong> <strong>plc</strong> will directly own 100 per cent. of the issued share<br />
capital of Cookson and on completion of the Demerger <strong>Vesuvius</strong> <strong>plc</strong> will be the holding company of the<br />
Cookson Group. The following table shows the list of entities which will be the principal subsidiaries and<br />
joint ventures held by <strong>Vesuvius</strong> <strong>plc</strong> or by one of its subsidiaries immediately following the Demerger<br />
Effective Time. Unless otherwise stated, each subsidiary is wholly owned and the percentage voting rights<br />
held for each entity is the same as the percentage of shares held.<br />
Name<br />
Percentage<br />
ownership<br />
interest and<br />
voting power Field of activity<br />
Country of<br />
incorporation<br />
Angang <strong>Vesuvius</strong> Refractory Company Ltd ...... 50 Trading company China<br />
Cookson America, Inc. ...................... 100 Holding Company USA<br />
Cookson Australia Pty Ltd. ................... 100 Holding Company Australia<br />
Cookson Ceramics Ltd. ...................... 100 Holding Company England and Wales<br />
Cookson Investments, Inc. .................... 100 Holding Company USA<br />
Cookson Investments Ltd. .................... 100 Holding Company England and Wales<br />
Cookson Overseas Ltd. ...................... 100 Holding Company England and Wales<br />
Cookson Precious Metals Ltd. ................. 100 Precious Metals<br />
Trading Company<br />
England and Wales<br />
Foseco International Ltd. ..................... 100 Engineered Ceramics<br />
Trading Company<br />
England and Wales<br />
Foseco (Jersey) Ltd. ......................... 100 Holding Company Jersey<br />
Foseco Ltd. ................................ 100 Holding Company England and Wales<br />
<strong>Vesuvius</strong> Advanced Ceramics (Suzhou) Co. Ltd . . 100 Engineered Ceramics<br />
Trading Company<br />
China<br />
<strong>Vesuvius</strong> Corporation SA .................... 100 Engineered Ceramics<br />
Trading Company<br />
Switzerland<br />
<strong>Vesuvius</strong> Crucible Company .................. 100 Engineered Ceramics<br />
Trading Company<br />
USA<br />
<strong>Vesuvius</strong> GmbH ............................ 100 Engineered Ceramics<br />
Trading Company<br />
Germany<br />
<strong>Vesuvius</strong> USA Corporation ................... 100 Engineered Ceramics USA<br />
Trading Company<br />
Wilkes-Lucas Ltd ........................... 100 Holding Company England and Wales<br />
Wuhan Wugang-<strong>Vesuvius</strong> Advanced Ceramics Co.<br />
Ltd ...................................... 50 Trading Company China<br />
Wuhan Wugang-<strong>Vesuvius</strong> Advanced CCR Co.<br />
Ltd ...................................... 50 Trading Company China<br />
15 Working capital statement<br />
In the opinion of <strong>Vesuvius</strong> <strong>plc</strong>, the working capital available to <strong>Vesuvius</strong> is sufficient for <strong>Vesuvius</strong>’ present<br />
requirements, that is, for at least the next 12 months following the date of this document.<br />
16 Litigation<br />
Save as disclosed below, there are no governmental, legal or arbitration proceedings (including any such<br />
proceedings which are pending or threatened of which <strong>Vesuvius</strong> <strong>plc</strong> is aware) during the period covering at<br />
least the previous twelve months preceding the date of this document which may have, or have had in the<br />
recent past, a significant effect on <strong>Vesuvius</strong> <strong>plc</strong>, <strong>Vesuvius</strong> and/or <strong>Vesuvius</strong>’ financial position or<br />
profitability.<br />
16.1 HMRC VAT investigation<br />
Cookson Precious Metals Ltd, a subsidiary of Cookson, was engaged in transactions involving the<br />
purchase of scrap platinum between August 2007 and October 2009. Cookson has been informed by<br />
HMRC that, in HMRC’s view, certain external third parties within the supply chain for those<br />
transactions deliberately failed to account to HMRC for VAT. Such fraud is commonly known as<br />
Missing Trader Intra-Community Fraud. As a consequence of any fraudulent actions of those third<br />
parties, HMRC may argue that the ability of Cookson to retain VAT recovered on the relevant<br />
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