Shareholders approve Lotto24 spin-off from Tipp24
Tipp24 shareholders have approved plans by the company to spin-off its German online lottery brokerage business.
In an almost unanimous decision Friday at the company’s Annual General Meeting, 99.99 per cent of Tipp24’s shareholders approved the separation of the business under the Lotto24 brand.
Shares in Lotto24 AG will be distributed as a dividend-in-kind to the shareholders of Tipp24 by a 1:1 ratio.
“With today's decision, our shareholders have laid the track for the successful further expansion of the online lottery brokerage business of Lotto24 AG in Germany,” said Tipp24 CEO Hans Cornehl. “I am pleased that the spin-off of Lotto24 AG has been supported by an overwhelming majority of our shareholders.
“We see this as a confirmation of our strategy to focus on the international business with Tipp24 SE, thereby enabling Lotto24 AG to start their activities in the German market free of the burden of legal disputes.”
The transfer of the Lotto24 shares to shareholders will commence tomorrow (June 26th), with the first trading of Lotto24 shares expected to begin on July 3rd on the Prime Standard of Frankfurt Stock Exchange.
Lotto24 will be headed up by Petra von Strombeck, previously chief marketing officer for Tipp24, while Magnus von Zitzewitz will also serve as an executive board member.
Shares in Tipp24 SE (Co. Data) (FRANKFURT:TIM) have dropped 6.66 per cent to €39.627 in Frankfurt this morning following the announcement.
http://gamingintelligence.com/business/16526-shareholders-approve-lotto24-spin-off-from-tipp24
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