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Tabcorp AU$371 million better off after completing institutional component of entitlement offer

Ben Blaschke by Ben Blaschke
Mon 24 Aug 2020 at 13:05
Tabcorp cleared as Australian Federal Police close investigation into Cambodia sports betting bribery claims
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Australian racing and wagering company Tabcorp says it has completed the institutional component of its AU$600 million entitlement offer, raising AU$371 million so far on a 97% take-up.

The offer, which Tabcorp said last week would allow it to pay off bank debt while strengthening the company’s balance sheet amidst COVID-19, allows for eligible shareholders to subscribe for one new Tabcorp ordinary share for every existing share held at a price of AU$3.25 per share.

A Monday filing revealed that the institutional offer had closed last Thursday with 97% take-up – the shortfall of which was completed via a bookbuild on Friday, clearing at a price of AU$3.70 per share.

Tabcorp will now launch the retail component of its entitlement offer this Friday 28 August, providing the same opportunity for retail shareholders to acquire one new Tabcorp ordinary share for every existing share held at AU$3.25 per share. The retail component is expected to raise another AU$229 million.

“We thank our institutional shareholders for their participation in the entitlement offer which attracted approximately 97% take-up,” said Tabcorp Chairman Paula Dwyer.

“Those institutional shareholders who did not take-up their entitlements will receive $0.45 for each right not taken up as a result of the shortfall bookbuild, which cleared at a price above TERP [Theoretical ex-rights price].

“The renounceable entitlement offer structure chosen by the Board also provides Tabcorp’s retail shareholders with the opportunity to participate in the retail entitlement offer on a pro rata basis, or potentially realize some value for their entitlements if they don’t take-up their rights.

“Following the completion of the entitlement offer Tabcorp is expected to have a stronger balance sheet and greater financial flexibility in the current uncertain times.”

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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