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CryptoLogic approved for LSE listing
CryptoLogic Ltd. was approved for a new listing recently on the London Stock Exchange due to the reorganization of the company when it moved its headquarters to Dublin.
The software developer, which plays a large part in the online poker and gambling industry, is listed on the LSE as well as the NASDAQ and Toronto Stock Exchange.
The company recently relocated to Dublin where it had to reorganize and incorporate under the laws of Guernsey.
With the move, shareholders had to approve new arrangements, which they did at a special meeting in Toronto May 24.
Shareholders in both CryptoLogic Ltd. and CryptoLogic Exchange Corporation will retain one-for-one voting rights, regardless of where they reside.
The company's move from North America came shortly after the United States passed laws further restricting online gambling in the nation.
In a press release about the new stock exchange listing, CryptoLogic also stated its opinion on regulating online gambling.
"CryptoLogic has long advocated the regulation of Internet gaming for the protection of players and the credibility of the industry, and remains one of the few providers whose software has passed the industry's most stringent regulatory tests."
In Dublin, CryptoLogic's headquarters is closer to its largest customer base and online gambling friendly markets. More than 90% of the company's revenue is generated from the U.K. and continental Europe. It also supports their plan to expand into Asia as well.