TUI AG Extraordinary General Meeting
At today's Extraordinary General Meeting of TUI AG, which was held virtually, the presence, including votes cast, corresponded to 44.58 percent of the share capital. Shareholders approved the three agenda items with a large majority.
The reduction of share capital from 2.56 euros per share to 1.00 euro per share was approved by 99.59 percent of the shareholders, and the subsequent capital increase of approximately 509 million euros was approved by 97.95 percent. The conversion right of the WSF into shares of TUI AG in accordance with Silent Participation I was approved by 98.04 percent of shareholders. The EGM closed at 1:28 pm CET.
Prior to this, the other components of the third financing package, which was announced on December 2, 2020, had already been fulfilled. The Economic Stabilization Fund (WSF) and TUI AG signed the agreement for two silent participations totaling 1.091 billion euros. The WSF measures comprise a silent participation convertible into shares in TUI of 420 million euros (Silent Participation I). The second silent participation amounts to 671 million euros. The second silent participation has been extended by the amount of the outstanding government guarantees as announced in the ad-hoc announcement of December 2, 2020. As soon as the guarantees are received, the second silent participation will be reduced accordingly. The EU Commission has already approved the contract.
The implementation of the components of the third financing package will also grant an prolongation of a portion of the existing KfW credit line in the amount of 500 million euros. This would otherwise have ceased to be available on April 1, 2021. The partial amount now also has a maturity like the rest of the existing KfW credit line (July 2022), once the outstanding senior bond is redeemed with the funds from the capital increase.
The third financing package has a total volume of around 1.8 billion euros. Full details and components of the third financing package can be found here. The voting results on the three agenda items of the extraordinary General Meeting can also be found at www.tuigroup.com/en-en/investors/agm from January 6, 2021.
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About TUI Group
The TUI Group is one of the world's leading tourism groups and operates worldwide. The Group is headquartered in Germany. TUI shares are listed in the MDAX index of the Frankfurt Stock Exchange and in the regulated market of the Lower Saxony Stock Exchange in Hanover. TUI Group offers its 20 million customers integrated services from a single source and forms the entire tourism value chain under one roof. The Group owns over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 17 cruise ships, ranging from the MS Europa and MS Europa 2 in the luxury class and expedition ships in the HANSEATIC class to the Mein Schiff fleet of TUI Cruises and cruise ships operated by Marella Cruises in the UK. The Group also includes Europe's leading tour operator brands and online marketing platforms, for example for hotel-only or flight-only offers, five airlines with more than 130 modern medium- and long-haul aircraft and around 1,200 travel agencies. In addition to expanding its core business with hotels and cruises via successful joint ventures and activities in vacation destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a global tourism platform company.
Global responsibility for sustainable economic, environmental and social action is at the heart of our corporate culture. With projects in 25 countries, the TUI Care Foundation initiated by TUI focuses on the positive effects of tourism, on education and training and on strengthening environmental and social standards. In this way, it supports the development of vacation destinations. The globally active TUI Care Foundation initiates projects that create new opportunities for the next generation.
