The Scheme of Arrangement regarding the merger between Tatts Group (ASX: TTS) and Tabcorp Holdings (ASX: TAH) was implemented today. As a result, Tatts is now a wholly-owned subsidiary of Tabcorp.
Under the terms of the Tatts Bonds (ASX: TTSHA), this has triggered a Change of Control Event. As “a person and their associates (Tabcorp) has come to have a relevant interest in more than 50% of the voting shares of Tatts”, bondholders have the right to require redemption prior to the maturity date at face value ($100) together with any accrued interest payable on the Change of Control Event Redemption Date (22 February 2018). If bondholders choose to retain their holdings, the bonds will remain outstanding until maturity (5 July 2019) under the existing ASX code "TTSHA".
Following implementation of the Scheme, Tatts Group (TTS) has been delisted and consequently we will recommence coverage on Tabcorp Holdings (TAH) going forward.
The last day of the Change of Control Redemption Period is the 24th of January 2018.
See the attached Change of Control Event Redemption Exercise Notice for more information.
