Entitlement Offer

On 19 August 2020, Tabcorp announced a 1 for 11 underwritten pro-rata accelerated renounceable entitlement offer (with retail entitlements trading)("Entitlement Offer") at a price of $3.25 per new share to raise gross proceeds of approximately $600m. The Entitlement Offer comprised an institutional entitlement offer ("Institutional Entitlement Offer") and an offer to eligible retail shareholders ("Eligible Retail Shareholders") to participate at the same offer price and offer ratio ("Retail Entitlement Offer").

The Retail Entitlement Offer opened on Friday, 28 August 2020 and closed on Thursday, 10 September 2020 (5.00pm AEST). 

As the Entitlement Offer was renounceable, new shares equal in number to those attributable to:

  • any entitlements not taken up by eligible shareholders; and
  • entitlements which would otherwise have been available to ineligible shareholders,

were sold via two separate bookbuild processes. These processes were undertaken in respect of the institutional and retail components of the Entitlement Offer.

Proceeds from the sale of the new shares in excess of the $3.25 offer price under the bookbuilds conducted in respect of the institutional and retail components of the Entitlement Offer were paid proportionately to renouncing and ineligible shareholders as follows:

  • The Institutional Bookbuild clearing price was $3.70 per new share. This represented $0.45 above the $3.25 offer price.
  • The Retail Bookbuild clearing price was $3.31 per new share. This represented $0.06 above the $3.25 offer price.

For further information about the Entitlement Offer, please contact Tabcorp's share registry, Link Market Services Limited, on 1300 665 661 (within Australia) or +61 1300 665 661 (outside Australia).

Related downloads

-> Retail Entitlement Offer booklet