Tipp24 SE plans relocation of registered office to UK
Mar 20, 2013 3:13 PM
Tipp24 SE / Key word(s): Strategic Company Decision
Consequence of focus on international business activities
(Hamburg, 20 March 2013) As part of its strategic realignment, Tipp24 SE plans to relocate its registered office from Germany to the United Kingdom. At this year's planned Annual General Meeting, the company's Executive Board and Supervisory Board will propose a vote on the relocation to shareholders of Tipp24 SE. Should the Annual General Meeting vote in favour, the proposed new location for Tipp24 SE's registered office will be London.
The planned relocation of the company's registered office is a logical consequence of the strategic realignment of Tipp24 SE following the spin-off of its German operations in July 2012 of by way of the IPO and stock market listing of the now independent Lotto24 AG. Tipp24 SE has since been concentrating on its international business, mainly in the UK and North America, which it intends to develop from its future base in the UK.
Dr. Hans Cornehl, CEO of Tipp24 SE, states:
'The planned relocation is a logical step which makes good sense for Tipp24 SE. There is no other European nation where the conditions for our strategic development are more favourable than the UK. The country is rightly regarded as a recognized centre of the European online gaming industry. It has a strong core of successful online companies, a comparatively large pool of skilled employees with relevant sector experience and a stable regulatory environment which is favourable for us. We are therefore convinced that the UK provides a better base for us to develop our business than Germany. The acquisition of a stake in the UK Geonomics in December 2012 was already an important step in this direction.'
Tipp24 SE has already launched its first strategic growth initiatives in the UK. In December 2012, it acquired a 25.7 percent stake in the UK company Geonomics Global Games Limited (formerly Roboreus Limited), which operates the geo-based lottery GeoSweep (www.geosweep.com) via its subsidiary GeoSweep Limited. In this lottery, players purchase squares (so-called Geos) on an online map of the UK which act as lottery tickets in daily location-based prize draws. GeoSweep operates under a UK Gambling Commission licence and also offers the lottery in parts of Canada via a cooperation agreement.
In January 2013, Tipp24 SE appointed its first Head of Business Development as Managing Director of its subsidiary Tipp24 (UK) Limited in London. The company was able to engage the services of Paul Witten, a manager with many years of experience in the UK online gaming industry.
With the introduction of the Gambling Act in 2005, the UK was the first major European country to establish a modern regulatory framework for online gaming. With its long tradition of established betting and gaming companies, the UK gambling sector has developed just as dynamically as its online gaming market. The successful business activities of Tipp24 SE's UK-based minority shareholdings are a further indicator of the location's premium quality.
Tipp24 SE aims to utilise this positive environment for its further strategic development. It will focus in particular on establishing a new business division as a provider of Internet services for lottery companies. In the medium term, Tipp24 SE also wants to bid for licences in selected foreign markets to run its own lotteries. For the development of such a portfolio of gaming licences, the company will consider both new licences in more liberal regulatory environments and the acquisition of lottery companies.
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 the 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.
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 and www.tipp24.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.
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