Following the recent General Meeting and Scheme Meeting of Tabcorp Holdings Limited, Tabcorp, the owner of the Sky Racing channel, has announced that Tabcorp shareholders have approved the demerger of The Lottery Corporation Limited (The Lottery Corporation) from Tabcorp (Demerger).
The demerger will result in two speparte companies – The Lottery Corporation Limited and Tabcorp Holdings Limited. The Lottery Corporation will operate lotteries and keno businesses while Tabcorp will retain wagering and media, and gaming services. Both companies will be listed on the Australian Stock Exchange (ASX).
Tabcorp Chairman Steven Gregg said: “We are pleased to have received shareholder approval for the demerger of The Lottery Corporation from Tabcorp. This is an important milestone in repositioning the Group’s portfolio and setting up Tabcorp and The Lottery Corporation for future success.”
Tabcorp will now seek orders from the Supreme Court of New South Wales for approval of the scheme of arrangement (Scheme) to effect the Demerger, with the hearing scheduled for Friday, 20 May 2022. If the Scheme is approved by the Court, Tabcorp proposes to lodge a copy of the orders made by the Court with the Australian Securities and Investments Commission on Monday, 23 May 2022 and the Scheme will become effective on that date.
Subject to approval of the Scheme by the Court, The Lottery Corporation shares are expected to begin trading on ASX on a deferred settlement basis on Tuesday, 24 May 2022.
The time and date for determining entitlements to The Lottery Corporation shares (the Record Date) is 7:00pm (Sydney time) on Wednesday, 25 May 2022.