Shares of Tabcorp Holdings Ltd (ASX: TAH) are rangebound today and are currently less than 1% down at $5.03 apiece.
The Tabcorp share price has traded in a range of $4.975 –$5.065 to the point of writing in Thursday’s session.
What’s up with the Tabcorp share price today?
Shareholders had their chance to vote on the company’s decision to proceed to a demerger of The Lottery Corporation from Tabcorp.
Shortly after voting, it was revealed that Tabcorp shareholders have “overwhelmingly approved” the demerger.
Tabcorp Chairman, Steven Gregg was pleased on the result.
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 says that it will now seek orders from the Supreme Court of NSW for approval of the merger. The hearing is scheduled for Friday 20 May 2022.
“If the Scheme is approved by the Court,” Tabcorp says, “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.”
Investors can determine their entitlements to The Lottery Corporation shares from 7pm (Sydney time) on Wednesday, 25 May 2022.
Tabcorp shares are less than 1% in the green for the last 12 months and are flat this year to date as well.