TUI has confirmed that it will delist its shares from the London Stock Exchange and take a full listing in Frankfurt; with the move expected to take place on June 24.
The move – which was much anticipated – follows the holiday giant’s shareholders unanimously voting in favour of the move at the company’s AGM today.
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 centralized 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.
