DGAP-News
Annual general meeting of Lotto24 AG
DGAP-News: Lotto24 AG / Key word(s): AGM/EGM
Annual general meeting of Lotto24 AG
07.08.2013 / 13:38
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Press release
Annual general meeting of Lotto24 AG
- Management sees Company well prepared for future growth
(Hamburg, 7 August 2013) Lotto24 AG today concluded its first AGM
successfully. With 62% of voting rights represented at the meeting, all
resolutions on the agenda were adopted by a large majority, including
release of the Board and Management for the results of the 2012 financial
year, as well as the approval for an increase in the authorized share
capital.
Looking back at 2012 and the first six months of the current financial
year, Management is pleased with the development of the Company since its
spin-off from Tipp24 SE. In a difficult regulatory environment, all
milestones that form the foundation of the Company were met. As one of the
first private online lottery brokers, the Company received the combined
lottery brokerage permit on 24 September 2012 and immediately commenced
with its online offering. As of October, ten of the country's federal
states were successfully covered. Also in October, the Company received
certification for its proprietary and innovative age-verification system.
In December, following receipt of an expansion of its brokerage permit,
Lotto24 was the first to commence with integrated Lotto-shops through
partner sites on Web.de and GMX.
At the time of its going public in July 2012, the Company stated its
objective of being able to market its online Lotto offering nationwide
within twelve months. This objective was met ahead of time, when in March
2013 Lotto24 received the advertising permit and commenced its online
marketing campaign. 'All early indicators show that consumers behave as our
experiences up to 2008 showed, and as we expected', stated CFO Magnus von
Zitzewitz. 'We therefore believe our business model is valid and that we
are at the start of a period of dynamic growth'.
In order to provide room for maneuver, Management and Board had proposed to
shareholders at the AGM to increased the Company's authorized share
capital. 'One of the key success factors in gaining share of a young and
dynamic market, is the ability to penetrate the market quickly', stated
Petra von Strombeck. 'The increase in the authorized share capital provides
us with greater potential means, which we can utilize to increase our
marketing efforts and thereby accelerate our market penetration. The
- Management sees Company well prepared for future growth
(Hamburg, 7 August 2013) Lotto24 AG today concluded its first AGM
successfully. With 62% of voting rights represented at the meeting, all
resolutions on the agenda were adopted by a large majority, including
release of the Board and Management for the results of the 2012 financial
year, as well as the approval for an increase in the authorized share
capital.
Looking back at 2012 and the first six months of the current financial
year, Management is pleased with the development of the Company since its
spin-off from Tipp24 SE. In a difficult regulatory environment, all
milestones that form the foundation of the Company were met. As one of the
first private online lottery brokers, the Company received the combined
lottery brokerage permit on 24 September 2012 and immediately commenced
with its online offering. As of October, ten of the country's federal
states were successfully covered. Also in October, the Company received
certification for its proprietary and innovative age-verification system.
In December, following receipt of an expansion of its brokerage permit,
Lotto24 was the first to commence with integrated Lotto-shops through
partner sites on Web.de and GMX.
At the time of its going public in July 2012, the Company stated its
objective of being able to market its online Lotto offering nationwide
within twelve months. This objective was met ahead of time, when in March
2013 Lotto24 received the advertising permit and commenced its online
marketing campaign. 'All early indicators show that consumers behave as our
experiences up to 2008 showed, and as we expected', stated CFO Magnus von
Zitzewitz. 'We therefore believe our business model is valid and that we
are at the start of a period of dynamic growth'.
In order to provide room for maneuver, Management and Board had proposed to
shareholders at the AGM to increased the Company's authorized share
capital. 'One of the key success factors in gaining share of a young and
dynamic market, is the ability to penetrate the market quickly', stated
Petra von Strombeck. 'The increase in the authorized share capital provides
us with greater potential means, which we can utilize to increase our
marketing efforts and thereby accelerate our market penetration. The
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