GVC Holdings investors approve relocating tax residence to the UK

GVC Holdings shareholders approved the move of the firm’s tax residence from the Isle of Man to its London headquarters in an extraordinary general meeting (EGM) held Thursday.

The Athol Street, Douglas, registered business, called the special meeting in Gibraltar to consider a proposal to relocate the company’s place of management and control and consequently its tax residence to the United Kingdom. 

GVC said in a statement on its website that the special resolution was approved along with backing for the adoption of new articles of association of the company to facilitate this relocation. The proxy votes lodged by shareholders were overwhelmingly in favour of the move, as the motion was approved by 99% of GVC investors. As of today GVC has 582,739,946 ordinary shares of one pence each. There were 481,464,490 votes cast for the special resolution with just 107,610 votes cast against the proposal.

GVC Holdings PLC is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. The group owns a string of well-known brands including Coral, Ladbrokes, Foxy Bingo, Gala and partypoker.

GVC Holdings was incorporated as an Isle of Man enterprise in 2010, where it maintained its management control to benefit from a more suitable tax regime for its business purposes. When the FTSE-listed firm published its EGM document last month it revealed that should it transfer its management control to the UK, it would be able to remove existing corporate directorial restraints.