TUI shareholders have given their approval for the company’s decision to delist from the London Stock Exchange, following a trend of companies leaving the exchange. The resolution received overwhelming support, with 98.35% of votes cast in favor.
TUI, a German travel operator listed in London, first announced its plan in December. Chief Financial Officer Mathias Kiep emphasized the advantages of a main listing in Frankfurt, where most trading of TUI shares has already shifted. The simplified structures and centralized liquidity in Frankfurt make it an attractive choice. Kiep added that this delisting from London will have no impact on the company’s strategy of maintaining a broad shareholder base, as the UK market remains one of their core activities.
TUI plans to start trading its shares on Frankfurt’s prime standard market in April. Additionally, the shares will be included in the mid-cap MDAX index on June 24. The last day of dealings in London will be June 21, and the cancellation of the listing will officially take effect on June 24.
The decision to delist in London came after some TUI shareholders requested a review of the benefits of a simplified listing structure. This move follows similar decisions made by other companies, such as Irish building-materials supplier CRH, British chip maker Arm Holdings, and Flutter Entertainment, which houses brands like FanDuel, PokerStars, and Paddy Power.