GVC has unveiled the results of its Extraordinary General Meeting, where it decided to shift governance and tax residency.
UK.- GVC Holdings held last week an Extraordinary General Meeting (EGM) in Gibraltar to consider a proposal to relocate the company’s management and tax residency out of the Isle of Man. The company reached the decision to shift such things to the UK.
Around 99.9% of shareholders voted to support the move to the UK. Approximately 481,464,490 votes were cast, with 481,356,880 n favour, 107,610 against and 5,744 withheld.
GVC revealed that it also adopted new articles of association of the company to facilitate the relocation to the UK. As of February 6, 2020, GVC has 582,739,946 ordinary shares of €0.01 each in issue and the total number of voting rights is 582,739,946.
The company established its business in Isle of Man in 2010 as the territory had a more favourable tax regime for GVC’s business. A decade later, GVC says that the conditions in the Isle of Man forced them to rethink if the territory was as suitable as it was back then.
The move to the UK as a tax resident should have no material adverse impact on the groups’ effective tax rate or tax cash outflow for the foreseeable future. It would benefit from improved internal/external corporate communications and logistical capacities and would then reduce corporate costs.