Tabcorp has announced that Aware Super is no longer considered a substantial shareholder in the company, effective November 3. This means Aware Super’s stake in Tabcorp has fallen below 5 per cent. A substantial shareholder is defined as an entity holding 5 per cent or more of a company’s shares.
Tabcorp operates lotteries, wagering, and media businesses. The company’s constitution, along with New South Wales legislation, imposes a limit on individual shareholdings. No shareholder can hold more than 10 per cent of Tabcorp’s voting power without explicit government approval.
Aware Super is one of Australia’s largest superannuation funds, managing the retirement savings of over one million members. They invest in a diverse range of assets, including listed companies like Tabcorp, to deliver long-term returns for their members. The reason for Aware Super’s decreased holding in Tabcorp has not been disclosed.
