Flutter remains committed to being run from Ireland, despite receiving the go-ahead from shareholders to pursue an additional US stock exchange listing, its outgoing Chairman has stated.
At the company's annual general meeting today almost 100% of shareholders backed the decision to seek the US listing.
Flutter revealed the plans in February as a response to a large portion of its revenue now coming from that market and its growing operations there.
Speaking to reporters following the AGM, the company’s outgoing Chairman reaffirmed the firm’s commitment to Ireland, despite the shift towards the US.
"In terms of Ireland Inc, nothing changes from a business point of view," said Gary McGann.
"The company will be headquartered here, tax domiciled here, continue to have the head office here and it is business as usual. This is a capital markets move rather than a business move."
However, Mr McGann said he could not guarantee that Flutter will maintain its secondary listing on Euronext Dublin, even though it wants to.
"The next steps are we have the hard work to do to actually get US style reporting, which takes a lot of effort in terms of current and previous years’ numbers," he said.
"The probability is that will take us close to the year end, at which point in time we should be in a position, having gone through the SEC process, to be listed on the US stock exchange," he added.
"Our primary listing will remain in London and we have clearly a desire to remain on Euronext, but the challenge is to ensure that settlement trading and settlements can be can be done through the US system, which is a requirement for US listing via the Euronext methodology."
Mr McGann added that at this point in time, that is not possible, but the company is working hard to see that it can be done.
Flutter also welcomed the UK White Paper on gambling regulation, which was published this morning.
The company said in a statement that it represents an important and necessary change for the industry, as it looks to ensure all operators raise standards and make responsible play a priority, as Flutter said it has done itself.
It added that pre-emptive changes it has already made have removed £150m in annual revenue from the UK business.
"We have made significant steps as a business," claimed Flutter CEO Peter Jackson.
"If you look at the changes we've made to our slot limits, we moved to £10, nearly two years ago."
"So we've been trying to get ahead of a lot of these actions. We've been leading us to the race to the top and I think we're a very progressive operator. We welcome the White Paper being published today. We hope it comes out and then the industry can move forward from here."
He added that the company welcomes regulation generally, as it is very important for the industry.
Mr Jackson said Flutter is a very compliant business.
"We have very stringent controls and checks and processes in place in our business and we think it's important that we can continue to market our products and services to customers," he said.
Earlier, Flutter said that John Bryant has been appointed to its Board as Chair Designate and also as a non-executive director.
His appointment will take effect after the company's annual general meeting in Dublin today and he will assume the role of Chair from September 1.
Flutter said the appointment is in line with its Board succession plan as well as good governance practice, with outgoing Chair Gary McGann stepping down on reaching the end of his nine-year term as non-executive director.
Mr Bryant is currently a non-executive director of Ball Corporation, Compass Group and Coca-Cola European Partners.
He was previously executive chairman, and before that chief executive, chief financial officer and chief operating officer of Kellogg Company.
He is also a non-executive director of Macy's with his tenure there ending in May this year.
Gary McGann, Flutter's chairman, said Mr Bryant has had a stellar career in Kellogg Company, which he described as one of the most internationally renowned companies in the world.
"He brings with him an enormous wealth of leadership experience in strategic, financial, and operational matters," he added.
Peter Jackson, the chief executive of Flutter, today thanked Gary McGann for the contribution he has made to Flutter over his nine years as non-executive director, eight of which were as chairman.
Mr Jackson said he has helped steer the business through an exceptional period of growth.
"I am very much looking forward to working with John. His experience will be invaluable as Flutter continues to execute its growth strategy," he added.
