Tui
shareholders
voted
for
its
shares
to
be
delisted
in
London
on
Tuesday
at
its
annual
general
meeting.
At
the
AGM,
shareholders
were
asked
to
approve
its
plan
to
delist
from
the
London
Stock
Exchange,
while
upgrading
to
a
‘Prime
Standard’
listing
in
Frankfurt
with
inclusion
on
the
MDAX
index
of
German
mid-cap
stocks.
The
plan,
announced
early
last
month,
is
to
achieve
“centralisation
of
liquidity”
for
Tui
shares.
Late
on
Tuesday,
Tui
said
shareholders
voted
clearly
in
favour
of
the
proposed
change
to
the
company’s
dual
listing
and
voted
by
a
large
majority,
98.35%,
to
delist
from
the
LSE.
This
represents
the
latest
blow
to
London’s
status
after
a
number
of
companies
have
delisted
or
chosen
to
float
on
rival
venues
such
as
New
York,
in
the
case
of
Arm
Holdings.
Still,
the
delisting
has
been
expected
for
a
number
of
months.
We
recently
looked
at
LSE’s
position
in
an
article
“LSEG:
Tech
Giant
Hiding
in
Plain
Sight“.
Tui
said
that
the
next
step
will
be
the
start
of
trading
of
shares
in
the
Prime
Standard
in
Frankfurt
at
the
beginning
of
April.
The
travel
company
is
headquartered
in
Hannover,
Germany,
and
operates
across
Europe.
Tui
became
a
dominant
figure
in
the
package
holiday
space after
the
demise
of
UK
based
Thomas
Cook
following
financial
problems.
Tui
Makes
its
First
Q1
Profit
Mathias
Kiep,
chief
financial
officer,
said:
“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.”
Ahead
of
its
AGM,
Tui
reported
its
first-ever
underlying
profit
in
the
traditionally
slow
period
for
travel
operators.
Underlying
earnings
before
interest
and
tax
were
€6
million,
a
swing
from
a
€153.0
million
EBIT
loss
a
year
before.
Its
pretax
loss
narrowed
to
€103.1
million
(£87.88
million)
in
the
three
months
that
ended
December
31
from
€272.6
million
a
year
before,
as
revenue
rose
by
15%
to
€4.30
billion
from
€3.75
billion.
In
response
the
first-quarter
performance,
Tui
on
Tuesday
reaffirmed
its
financial
2024
guidance
of
increasing
underlying
Ebit
by
at
least
25%.
In
financial
2023,
underlying
EBIT
was
€977
million.
Tui
also
expects
revenue
to
increase
by
at
least
10%
this
year
from
€20.67
billion
last
year.
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