AGM of Tipp24 SE votes in favour of UK relocation
Jun 28, 2013 8:50 PM
Tipp24 SE / Key word(s): AGM/EGM/Strategic Company Decision
Key step in strategic move towards international business
(Hamburg, 28 June 2013) At the Annual General Meeting of Tipp24 SE, a large majority of shareholders voted in favour of relocating the company's registered office to the UK. 97.4 percent of represented share capital followed the corresponding recommendation of the company's Executive Board and Supervisory Board. The shareholders thus laid the foundation for the company's further international expansion, which will be driven from its future base in London. Tipp24 SE is the first listed German company to relocate its registered office to another European country.
Dr Hans Cornehl, CEO of Tipp24 SE, stated:
'The vote in favour of moving our head office to the UK paves the way for the accelerated international expansion of Tipp24 SE. It creates ideal conditions for the further development of our company going forward. The UK is recognised as being the European centre of the online gaming industry and offers an excellent environment for future profitable growth. We will now swiftly initiate the next formal steps for our relocation in order to complete the process in the second half of the current year. I would like to thank our shareholders, who once again supported a landmark decision for Tipp24 SE with an overwhelming majority.'
The relocation of the company's registered office is a logical consequence of the strategic realignment of Tipp24 SE. It 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 company intends to maintain its legal form as an SE after the relocation and also retain its listing in the Prime Standard segment of the Frankfurt Stock Exchange. The company's Executive Board and Supervisory Board will 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 compatible manner.
Today's AGM also saw Andreas de Maizière, Oliver Jaster and Jens Schumann confirmed as members of the Supervisory Board. Thorsten Hehl, Bernd Schiphorst and Peter Steiner were elected as new members of the Supervisory Board. All other resolutions on the agenda were also accepted by the shareholders with large majorities. Approximately 54.3 percent of voting capital was represented at the AGM
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 Global Games Limited in December 2012, Tipp24 SE laid the foundation for the expansion of its international business.
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