Shareholders have almost unanimously voted in favour of delisting TUI Group from the London Stock Exchange.
At yesterday’s AGM (13 February), 98% voted in favour of cancelling the London listing and upgrading TUI’s current listing on the Frankfurt Stock Exchange.
TUI Group has had dual listing since 2014 when the German and UK businesses merged, but the majority of TUI share’s liquidity is now in Germany, TUI Group CFO Mathias Kiep said.
Following the vote, TUI AG share will be listed in the Prime Standard of the Frankfurt Stock Exchange from April and will be admitted to the MDAX stock index on 24 June, when the listing on the London Stock Exchange will end.
Mathias said: “We are pleased that TUI’s shareholders have followed our recommendation and voted in favour of the delisting.
“The advantages of a main listing in Frankfurt are obvious: the structures are simplified, liquidity is centralised and improved in one trading venue and the simplified structure supports the EU requirements for ownership and control of our airlines.
“Nevertheless, the UK market remains one of our core activities and this has no impact on our strategy of a broad shareholder base.”
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At yesterday’s AGM (13 February), 98% voted in favour of cancelling the London listing and upgrading TUI’s current listing on the Frankfurt Stock Exchange.
TUI Group has had dual listing since 2014 when the German and UK businesses merged, but the majority of TUI share’s liquidity is now in Germany, TUI Group CFO Mathias Kiep said.
Following the vote, TUI AG share will be listed in the Prime Standard of the Frankfurt Stock Exchange from April and will be admitted to the MDAX stock index on 24 June, when the listing on the London Stock Exchange will end.
Mathias said: “We are pleased that TUI’s shareholders have followed our recommendation and voted in favour of the delisting.
“The advantages of a main listing in Frankfurt are obvious: the structures are simplified, liquidity is centralised and improved in one trading venue and the simplified structure supports the EU requirements for ownership and control of our airlines.
“Nevertheless, the UK market remains one of our core activities and this has no impact on our strategy of a broad shareholder base.”
The post TUI shareholders vote to quit London Stock Exchange appeared first on Travel Gossip.
Continue reading...
