News

Cardtronics stockholders OK UK redomicile plan

June 29, 2016

At a special meeting yesterday, stockholders of ATM owner-operator Cardtronics Inc. approved a redomicile plan that will change the parent company's location of incorporation from Delaware to the United Kingdom.

According to a company press release, approximately 90 percent of Cardtronics stockholders voted at the meeting, with more than 99 percent voting in favor of the plan, which was announced in late April.

"We are pleased that Cardtronics stockholders have overwhelmingly voted in favor of our plan to redomicile in the United Kingdom," Cardtronics CEO Steve Rathgaber said. "We plan to complete the steps necessary to effect the redomicile early in the third quarter."

Rathgaber said that the company had weighed the possible effects of a British exit (or "Brexit") of the European Union well before last week's referendum in Great Britain:

Cardtronics carefully evaluated both potential outcomes of the Brexit vote in advance of announcing our plan to redomicile earlier this year. We believe our redomicile will better align Cardtronics' corporate structure with our current and future business activities, including our substantial business presence in the U.K., where approximately 60 percent of our global workforce is based, and with the fastest-growing segments of Cardtronics today, which are in the U.K. and continental Europe.