The shareholders of GVC Holdings have voted and approved the relocation of the company’s headquarters and tax residence from the Isle of Man to the UK.
A total of 99.98% of GVC’s shareholders voted in favour of the move at an extraordinary general meeting that was held in Gibraltar last week. More specifically, 481,464,490 votes were in support of the relocation plan, while 107,610 were against it, with 5,744 withholding.
What's Behind the Move to Isle of Man?
GVC, which is the owner of major bookmakers like Bwin, Sportingbet, Ladbrokes and Coral, announced last month that it was considering moving across to the UK. It aims to increase its efficiency and reduce its costs by allowing shareholder or Board meetings to be held within its biggest market.
The company currently has 582,739,946 ordinary shares of €0.01 ($0.011) each in issue, and the same figure represents the total amount of voting rights.
According to Jay Dossetter, GVC’s head of media relations, the relocation has to do only with the top holding company, and it will have absolutely no impact on the staff or the operational side of the firm. Furthermore, he stated that the imminent move to the UK, will not have any impact neither on the tax bill or the effective tax rate that GVC pays. He also said that operationally, there won’t be any significant change, as the online business will continue to be run from Gibraltar, while the UK retail estate from the UK.
It is also worth mentioning that in a trading update that took place last month, GVC Holdings reported a 13% growth in online Net Gaming Revenue (NGR) for Q4 2019.
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