Friday June 22, 2012 : SHAREHOLDERS APPROVE LOTTO24 SPIN OFF (Update)
Able to operate in German market free of legal disputes
German online lotto firm Tipp24 SE's shareholders have unanimously approved the company's plans to separate its German online lottery brokerage business launched as Lotto24 by way of a spin-off.
99.9 percent of shareholders were in favour of distributing the Lotto24 AG shares as a dividend-in-kind of which distribution will start towards the end of June. Lotto24 AG shares are expected to begin trading in the Prime Standard of Frankfurt Stock Exchange on July 3, 2012.
Dr. Hans Cornehl, chief executive officer of Tipp24 SE, said: "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.
“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."