DGAP-News: Tipp24 SE initiates implementation of its relocation to the UK (english)
Apr 19, 2013 5:18 PM
Tipp24 SE initiates implementation of its relocation to the UK
DGAP-News: Tipp24 SE / Key word(s): AGM/EGM/Strategic Company Decision
Tipp24 SE initiates implementation of its relocation to the UK
19.04.2013 / 15:18
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Annual General Meeting to adopt relocation on 28 June 2013
(Hamburg, 19 April 2013) Tipp24 SE has initiated the implementation of the
transfer of its registered office to the UK. The Executive Board and
Supervisory Board decided today to present a proposal on the relocation for
shareholders of Tipp24 SE to vote on at the Annual General Meeting 2013.
The invitation to the Annual General Meeting on 28 June 2013 is to be
published in May. The transfer of the company's registered office first
announced on 20 March 2013 is a logical consequence of the strategic
realignment of Tipp24 SE. The company will focus in future on its
international business, mainly in the UK and North America, which it plans
to develop from its future base in the UK.
The proposed vote on the transfer of the registered office is based on a
Transfer Proposal prepared by the Executive Board in accordance with Art. 8
(2) of the SE Regulation, including the company's future Statutes, filed
with the Commercial Register for disclosure. According to the Transfer
Proposal, the company's new registered office will be in London. Tipp24 SE
intends to maintain its legal form as an SE after the relocation and retain
its listing in the Prime Standard segment of the Frankfurt Stock Exchange.
The company's Executive Board and Supervisory Board are to maintain their
functions, whereby the Executive Board will work primarily in the UK in
future. The current holding company functions in Germany are to be
gradually relocated to the UK over a longer period and in a socially
responsible manner.
Dr Hans Cornehl, CEO of Tipp24 SE, states:
'There are good reasons for the planned relocation of Tipp24 SE to London.
The conditions for the strategic development of our company are
significantly better in the UK than in any other European country. This is
particularly true now that the focus is on expanding our international
activities following the successful spin-off of our German business. We are
confident that our shareholders will share our positive assessment of the
move and vote to adopt the relocation.'
Tipp24 SE is obliged to offer any shareholders objecting to the relocation
decision at the Annual General Meeting the purchase of their shares for
reasonable cash compensation. This cash compensation will be EUR 43.34 per
share. The respective shareholders would have a claim to the payment of
cash compensation on completion of the relocation, expected in autumn 2013.
The Transfer Proposal and Statutes, together with a German translation of
the Statutes, will be published on the corporate website of Tipp24 SE
(www.tipp24-se.de) as well as in the Federal Gazette. Together with the
invitation to the Annual General Meeting, the company will also publish a
Transfer Report explaining and justifying the legal and economic aspects of
the transfer and explaining the implications of the transfer for
shareholders, creditors and employees.
About Tipp24 SE: Tipp24 SE was founded in September 1999 and holds equity
interests in a number of companies in Spain and the UK, which enable
participation in lottery-based games via the Internet, especially via the
websites www.ventura24.es, www.mylotto24.co.uk, www.tipp24.com and
www.geosweep.com. From its foundation to the end of 2008, Tipp24 SE
brokered tickets worth over 1.5 billion euros to the state lottery
companies - in the latter years over 330 million euros annually. Following
its successful IPO in 2005 (Prime Standard), the company was admitted to
the SDAX index in June 2009. In July 2012, German online brokerage
activities were successfully spun off from Tipp24 SE in the form of the
company Lotto24 AG, which is listed separately on the stock exchange. With
the acquisition of a stake in the UK-based company Geonomics Games Limited
in December 2012, Tipp24 SE laid the foundation for the expansion of its
international business.
Press contact:
Tipp24 SE
Andrea Fratini
Head of Media and Public Relations
Tel.: +49 (0)40 32 55 33 660
E-Mail: presse@tipp24.de
Internet: www.tipp24-se.de/press/
End of Corporate News
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19.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Tipp24 SE
Straßenbahnring 11
20251 Hamburg
Germany
Phone: Tel.: +49 (0)40 325533-142
Fax: +49 (0)40 325533-5600
E-mail: ir@tipp24.de
Internet: www.tipp24-se.de
ISIN: DE0007847147
WKN: 784714
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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207788 19.04.2013
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