By Clyde Mooney
Wednesday (June 1) saw the official announcement of the next step in the long-anticipated demerger between Tabcorp’s Wagering, Gaming and Keno business from its Casino interests.
A successful shareholder vote of 99.56 percent in favour meant Tabcorp could take its scheme of arrangement to the Victorian Supreme Court today (June 3).
If approved the scheme, which includes a reduction in Tabcorp capital and an amended constitution, will be lodged the same day and will become effective immediately.
The demerger is expected to become effective June 15, with approval anticipated one week prior.
The new Casino business will be known as Echo Entertainment Group Limited and will commence trading on the ASX on Monday June 6 on a deferred settlement basis.
Tabcorp shares will re-commence trading Monday on an ex-demerger entitlements basis.
News of the announcement saw Tabcorp shares drop marginally to $7.71 with significant market activity, still 11.7 percent up since a low in February of $6.90.
This news comes on the back of Tabcorp’s new business arm Tabcorp Gaming Solutions (TGS) successfully partnering their 2011 Members Conference with the 2011 Clubs and Hotels Expo in Melbourne’s Exhibition Centre.
The TGS event was an opportunity for the new branch to unveil its full service offering and provide a perspective on future industry trends.
TGS has evolved to be in line with and take advantage of the new gaming entitlement laws coming into effect in Victoria in 2012, their mandate being to assist venues achieve success in their gaming offerings.
“We were looking to push the message of what we were about, dispel any myths and confirm a bit more of the details of what the TGS business is all about,” TGS general manager Steve Wooding told TheShout.
”The conference has been a great platform for that.”