NSW Court approves Tabcorp (ASX:TAH) demerger

The Supreme Court of NSW has approved the demerger of the Lottery Corporation from gambling giant Tabcorp (ASX:TAH).

Earlier this month, Tabcorp shareholders “overwhelmingly” supported the proposal to split Tabcorp’s wagering and lotteries businesses into two separate listed entities.

The two new companies, The Lottery Corporation and Tabcorp, will start trading on May 24 on a deferred basis and June 2 on a normal basis. The Lottery Corporation will trade under the ASX code “TLC”.

Shares in Tabcorp (ASX:TAH) are trading 1.5 per cent higher at $5.37.