Tui shares to be de-listed from London Stock Exchange this summer
Gary NoakesTui AG will be de-listed on the London Stock Exchange in the summer after shareholders voted overwhelmingly in favour of the move.
The decision by investors on Tuesday (13 February), which was carried by 98.35%, means Hannover-based Tui AG’s shares will be listed solely on the Frankfurt Stock Exchange. The vote required a 75% majority.
Ahead of the vote, Mathias Kiep, Tui Group chief finance officer, said the key rationale for Tui was "to pull the volumes and decomplex the structure", adding a full MDAX listing was scheduled for 24 June.
More than three-quarters – 77% – of Tui shares are already traded on the Frankfurt exchange, and the company will be upgraded to prime status on the German market if all its trading takes place there.
A growing proportion of shares have been traded in Frankfurt following the merger of the German Tui AG and UK Tui Travel companies in 2014.
Kiep added: "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."
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Gary Noakes
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Place of registration: England and Wales.
Company number 08723341.
Registered address: 6th Floor, 2 London Wall Place, London EC2Y 5AU
