TUI shareholders vote clearly in favour of Frankfurt Stock Exchange: Annual General Meeting resolves almost unanimously to delist from the London Stock Exchange
- TUI AG share to be listed in the Prime Standard of the Frankfurt Stock Exchange from April
- Inclusion in the MDAX expected in June 2024
At today's 65th Annual General Meeting, the shareholders of TUI AG, laid the foundation for the planned delisting from the London Stock Exchange. Shareholders voted clearly in favour of the proposed change to the Group's dual listing and voted by a large majority (98.35 per cent) to delist from the London Stock Exchange. The next step will be the start of trading of the TUI share in the Prime Standard in Frankfurt at the beginning of April. The share is expected to be admitted to the MDAX on June 24. The listing on the London Stock Exchange will then also end.
Mathias Kiep, CFO of TUI Group: "We are pleased that TUI's shareholders have followed our recommendation and voted in favour of the delisting. They have thus also followed the proposal of the investors who brought this issue to our attention last summer. Trading in the TUI share had already shifted to Germany to a large extent. The advantages of a main listing in Frankfurt are obvious: the structures are simplified, liquidity is centralized 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."
TUI had already been approached by various investors last year as to whether the dual stock exchange listing was still optimal for the company. In recent years in particular, the ownership structure of TUI shares has changed significantly and there has been a marked shift in liquidity from the UK to Germany. Currently, around 77 percent of share transactions are settled directly via the German share register and less than a quarter of trading in TUI shares takes place in the form of UK depositary interests.
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.
