TAB wagering and lotteries divisions one step closer to demerger

The break up of the TAB’s betting and lottery division is another step closer today with the announcement from Tabcorp that the Supreme Court of New South
Wales has ordered that a shareholders meeting be convened to vote on a scheme of arrangement for the proposed demerger.

A general and scheme meeting will take place on Thursday, May 12, 2022.

The Tabcorp Directors unanimously recommend that shareholders vote in favour of the resolutions to be considered at the Scheme Meeting and a preceding general meeting to approve the capital reduction required to effect the Demerger and other matters (General Meeting).

Grant Samuel, the Independent Expert appointed by Tabcorp to review the proposed Demerger, has concluded that the Demerger is in the best interests of Tabcorp shareholders.

Further information relating to the Demerger, including the reasons for the recommendation of the Tabcorp Directors, a copy of the Independent Expert’s report, and the notices convening the General Meeting and Scheme Meeting, will be provided to shareholders in a Demerger Booklet, which is expected to be despatched on or before Friday, 8 April 2022 following registration of the Demerger Booklet with the Australian Securities and Investments Commission (ASIC).

Tabcorp shareholders who have elected to receive notices via post will receive a hard copy of the Demerger Booklet and accompanying forms, being the proxy forms for the General Meeting and Scheme Meeting and the sale facility form (which will only be applicable to shareholders with a small holding in Tabcorp).

Tabcorp shareholders who have elected to receive notices electronically will receive an email containing a link to access the Demerger Booklet and accompanying forms. All other shareholders will receive via post a letter containing details of where they can access the Demerger Booklet and enclosing the accompanying forms.

The Demerger Booklet will also be released in a further announcement and made available on Tabcorp’s website following registration with ASIC.

The General Meeting will be held at 10.00am (Sydney time) on Thursday, 12 May 2022 and the Scheme Meeting will be held at 10.30am (Sydney time) on the same day or as soon after that time as the General Meeting has concluded.

The meetings will be held at the Amora Hotel Jamison Sydney, Whiteley Ballroom, 11 Jamison Street, Sydney NSW 2000. Tabcorp shareholders may participate in the meetings in person or via the online meeting platform, the details of which will be described in the Demerger Booklet.

Due to the potential for restrictions on public gatherings imposed in response to COVID-19, Tabcorp strongly encourages shareholders to participate in the meetings online.

Tabcorp last month was awarded a 20-year non-exclusive retail and digital Keno licence in Victoria, for an up-front payment of $25 million.

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