Tipp24 shareholders approve Lotto24 spin-off
Move backed by "overwhelming majority" in German operator's annual general meeting.
An overwhelming majority of shareholders in German operator Tipp24 have voted in favour of spinning off the company’s Lotto24 business.
The brand recently relaunched in the German market with Tipp24 one of 86 operators to have expressed an interest in applying for a Scheswig-Holstein licence. However, the state’s new coalition government recently hinted at a desire to return to Germany’s controversial state treaty, suggesting no further licences will be awarded beyond the seven already given out.
Last month also saw the MyLotto24 brand “ a UK-registered member of the Tipp24 group “ apply for a foreign gambling associate certificate with the Alderney Gambling Control Commission.
Tipp24 had revealed in May that the Lotto24 spin-off would be headed up by current Tipp24 CMO Petra van Strombeck and director of corporate and public affairs Magnus von Zitzewitz.
Dr Hans Cornehl, chief executive of Tipp24, said: “We see [the approval] as a confirmation of our strategy to focus on the international business with Tipp24 SE, thereby enabling Lotto24 to start their activities in the German market free of the burden of legal disputes.”
Following the approval, whereby 99.9% of shareholders voted in favour of the spin-off, Lotto24 shares will be distributed to Tipp24 shareholders as a dividend-in-kind, with the process beginning tomorrow. Lotto24 is anticipated to begin trading on the Prime Standard of the Frankfurt Stock Exchange from 3 July.