Tabcorp, the well-known Australian lottery and betting operator, has announced that the much-anticipated demerger of its lottery business has finally been completed and that the new company’s shares have begun trading on the Australian Securities Exchange.
The new company is called “The Lottery Corporation” and its shares will trade on the Australian Securities Exchange on a normal settlement basis under the code “TLC”. The Tabcorp brand will continue to operate its wagering, media and gaming services.
Last month, most of Tabcorp’s shareholders voted in support of the demerger plan. In fact, 98.78 percent of the total votes cast during the company’s General Meeting and Scheme Meeting were in favor of the proposal, with just 0.17 percent voting against.
A few days after the vote, the Supreme Court of New South Wales approved the demerger plan. That was the final real hurdle for Tabcorp as the company then lodged a copy of the court’s decision to the Australian Securities and Investments Commission.
This ends a process that lasted for almost a year as Tabcorp first announced its plans to spin off its lottery business in July 2021 following a strategic review of the company’s activities.