Tabcorp raises US$167.9m through retail shares

The company had already closed the institutional component of its entitlement offer, collecting US$265.7 million.

Australia.- Lotteries and gaming operator Tabcorp Holdings has closed the retail component of its latest entitlement offer, raising gross proceeds of AU$230 million (US$167.9 million)  

It issued 71 million new Tabcorp shares at an issue price of AU$3.25 (US$2.37) each.

Tabcor said approximately 8.5 million retail entitlements were sold between August 24 and September 3, for which approximately AU$2.7 million (US$1.9 million) was realised by retail shareholders who sold their retail entitlements. 

Retail entitlements not taken up by eligible retail shareholders at that stage were offered on Tuesday in a retail shortfall bookbuild.  

That marked the final stage of the entitlement offer launched on August 19, from which the company had already obtained AU$371 million (US$265.7 million) through the institutional component.  

Tabcor was aiming to raise a total of AU$600 million (US$429.6 million) to pay down existing bank debt facilities and strengthen its balance sheet.  

Tabcorp’s Chairman, Paula Dwyer, said: “The completion of the retail shortfall bookbuild concludes the renounceable entitlement offer announced with our FY20 results. We are pleased that all of our retail shareholders who did not participate have realised value for their rights.”