Tabcorp, the famous Australian lottery and betting operator, has announced that it received the final approval it needed from the New South Wales Supreme Court before completing the demerger of its lottery business.
The Supreme Court of New South Wales issued the final approval for the demerger proposal last week, paving the way for the listing of the new company, called The Lottery Corporation, on the Australian Securities Exchange from May 24. The stocks in the new company can be stranded on a deferred settlement basis.
Tabcorp’s wagering, media and gaming services will remain under the old brand, which will continue to be listed on the stock exchange and operate as a separate business. The Tabcorp stocks will be traded on an ex-demerger settlement basis starting on May 24.
The demerger will be fully completed on June 1st, from that date on shares in The Lottery Corporation and Tabcorp will be traded on a normal basis on the Australian Securities Exchange.
The approval from the Supreme Court of New South Wales comes a few days after the Tabcorp shareholders voted in favor of the demerger plans. In fact, 98.78 percent of the shareholders voted in favor of the plan, while just 0.17 percent voted against the demerger.