At the 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%) 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 centralised 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% 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.
