TUI shareholders to decide on future stock exchange listing
TUI AG will put its stock exchange listing future in the hands of shareholders during its next Annual General Meeting.
The company has proposed to delist from the London Stock Exchange and upgrade its secondary listing in Frankfurt.
The Frankfurt Stock Exchange listing would be upgraded to the “Prime Standard” market segment with inclusion in the MDAX.
TUI is asking its shareholders to decide on this at the AGM on 13 February 2024.
TUI says it was approached by certain investors as to whether the current dual stock exchange listing is necessary.
They say a MDAX listing only would be more advantageous for TUI.
In recent years over three-quarters of share transactions are conducted directly through the German share register.
Mathias Kiep, CFO of TUI: “Following the successful merger of TUI AG and TUI Travel PC at the end of 2014, the dual stock exchange listing was the right decision and offered many advantages.”
“In the meantime, the majority of our share’s liquidity has migrated to Germany.”
“Terminating the listing in London would offer clear advantages for investors and the company:”
Subject to approval by TUI shareholders, trading in the Prime Standard market segment in Frankfurt would commence around 8 April 2024.
The delisting from the LSE would take place in June 2024.
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