22nd of June 2012 Author: Ava Jackuard
Operations in German market without legal disputes
The separation of the German internet lottery brokerage business titled Lotto24 from the German online lotto company Tipp24 SE's by way of a spin-off received a unanimous approval of the latter company's shareholders.
"With today's decision, our shareholders have laid the track for the successful further expansion of the online lottery brokerage business of Lotto24 AG in Germany,' said Dr. Hans Cornehl, chief executive officer of Tipp24 SE.
'I am pleased that the spin-off of Lotto24 AG has been supported by an overwhelming majority of our shareholders. We see this as a confirmation of our strategy to focus on the international business with Tipp24 SE, thereby enabling Lotto24 AG to start their activities in the German market free of the burden of legal disputes," he added.
Distributing the Lotto24 AG shares as a dividend-in-kind received favorable vote from 99.9% of shareholders. The distribution is planned to start towards the end of June. Lotto24 AG shares should be available for trading in the Prime Standard of Frankfurt Stock Exchange as of 3rd July 2012.
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