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Tipp24 Relocating to United Kingdom
Friday March 22,2013 : TIPP24 TO RELOCATE TO UNITED KINGDOM
More favourable environment supports company's strategic development
German-based gambling firm Tipp24 SE intends relocating its registered office from Germany to the United Kingdom as part of its strategic realignment.
Subject to approval from Tipp24 SE shareholders, the move will allow the company to develop its international business in the UK and North America from the future base in the UK, where the company believes conditions for its strategic development are more favourable.
Dr. Hans Cornehl, chief executive officer of Tipp24SE said the United Kingdom has a strong core of successful online companies, a comparatively large pool of skilled employees with relevant sector experience and a stable regulatory environment.
The company aims to utilise this positive environment for its further strategic development focusing on establishing a new business division as a provider of internet services to lottery companies.
In the medium term, Cornehl said the company also wants to bid for licenses in selected foreign markets to run its own lotteries. It will focus in particular on establishing a new business division as a provider of Internet services for lottery companies. To this end, the company will consider both new licenses in more liberal regulatory environments and the acquisition of lottery companies.
Tipp24's 25.7 percent stake in the UK company Geonomics Global Games Limited (formerly Roboreus Limited) in December 2012 was a precursor to the decision to relocate, he added. Geonomics operates the geo-based lottery GeoSweep via its subsidiary GeoSweep Limited.
The firm will maintain its legal form as an SE and retain its listing on the Frankfurt Stock Exchange. Cornhel foresees the company's Executive Board and Supervisory Board maintain their functions, whereas 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.
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