On 21 April 2004, Tabcorp made a takeover offer for all the shares in Tab Limited ("Tab"), the New South Wales based wagering and gaming company. The takeover offer closed on 13 August 2004 with Tabcorp having a relevant interest in 95.97% of the Tab shares. Tabcorp then compulsorily acquired all of the remaining Tab shares on 20 September 2004.
The Bidders Statement that was sent to all Tab shareholders in relation to the takeover may be downloaded from this website.
Takeover Offer
Under the Tabcorp Offer, Tab shareholders received a total of $2.10 cash and 0.20 Tabcorp shares for each Tab share. Tab shareholders were also given the opportunity to participate in the Share Sale Facility which allowed shareholders to sell up to a maximum of 200 Tabcorp shares which they received in the offer without paying brokerage.
Claiming Takeover Entitlements
Those shareholders who did not participate in the takeover had their shares compulsorily acquired on 20 September 2004. These shareholders were entitled to the same consideration as other shareholders.
Pursuant to the Corporations Act 2001, Tabcorp has remitted all unclaimed takeover proceeds to the Australian Securities and Investment Commission (ASIC).
Former Tab shareholders who wish to claim their entitlements from the takeover can:
- Search ASIC's on-line unclaimed monies register at www.edge.asic.gov.au/unclaimed/simplequery.html or
- Contact the ASIC Unclaimed Monies Unit by email at unclaimed.money@asic.gov.au.
Foreign Shareholders
Shareholders who were determined to be "Foreign Shareholders", as described on page 127 of the Bidders Statement, had their Tabcorp shares issued to a nominee company which sold these shares on market with the net proceeds remitted to the relevant Foreign Shareholders.
Tax Issues
Tabcorp mailed to former Tab Limited shareholders a letter explaining the capital gains tax implications of the takeover and cost base of the newly issued Tabcorp shares.
Shares in Tab Limited were first listed on the Australian Stock Exchange on 22 June 1998 at $2.05 per share.
The Capital Gains Tax letter can be downloaded here.
The Class Ruling can be downloaded here.
Tabcorp closing share prices for Capital Gains Tax purposes
The table below contains the closing price for Tabcorp ordinary shares on the Australian Stock Exchange from the date that Tabcorp's offer for Tab shares became unconditional. This table will assist former Tab shareholders to determine the market value of a Tabcorp share as discussed in the Capital Gains Tax letter sent by Tabcorp to former Tab shareholders.
| Date | Closing price per Tabcorp ordinary share |
|---|---|
|
5-Jul-04 |
$14.28 |
|
6-Jul-04 |
$14.16 |
|
7-Jul-04 |
$14.09 |
|
8-Jul-04 |
$13.97 |
| 9-Jul-04 |
$14.05 |
|
12-Jul-04 |
$14.04 |
|
13-Jul-04 |
$13.98 |
|
14-Jul-04 |
$13.85 |
|
15-Jul-04 |
$14.01 |
|
16-Jul-04 |
$13.99 |
|
19-Jul-04 |
$13.94 |
|
20-Jul-04 |
$13.85 |
|
21-Jul-04 |
$14.01 |
|
22-Jul-04 |
$13.70 |
|
23-Jul-04 |
$13.69 |
|
26-Jul-04 |
$13.60 |
|
27-Jul-04 |
$13.72 |
|
28-Jul-04 |
$13.75 |
|
29-Jul-04 |
$13.83 |
|
30-Jul-04 |
$13.97 |
|
2-Aug-04 |
$14.07 |
|
3-Aug-04 |
$14.15 |
|
4-Aug-04 |
$14.00 |
|
5-Aug-04 |
$14.32 |
|
6-Aug-04 |
$14.38 |
|
9-Aug-04 |
$14.05 |
|
10-Aug-04 |
$14.07 |
|
11-Aug-04 |
$14.23 |
|
12-Aug-04 |
$14.33 |
|
13-Aug-04 |
$14.38 |
|
20-Sep-04 |
$14.75 |
Enquiries
If you were a former Tab security holder and have any questions regarding your entitlements, please contact Tabcorp's share registry.
Tab Limited Dividend History
|
Payment Date |
Payment Rate(cents per share |
Franked |
Company Tax Rate |
|---|---|---|---|
|
23/02/2004 |
9.0 |
100.0% |
30% |
|
09/10/2003 |
8.0 |
100.0% |
30% |
|
11/04/2003 |
7.0 |
100.0%> |
30% |
|
3/10/2002 |
7.0 |
100.0% |
30% |
|
28/03/2002 |
6.0 |
100.0% |
30% |
|
02/10/2001 |
6.0 |
100.0% |
30% |
|
30/03/2001 |
6.0 |
100.0% |
34% |
|
03/10/2000 |
6.0 |
100.0% |
34% |
|
28/03/2000 |
5.0 |
100.0% |
36% |
|
30/09/1999 |
5.0 |
100.0% |
36% |
|
30/03/1999 |
4.0 |
100.0% |
36% |
Employee Performance Share Plan
The Employee Performance Share Plan enabled eligible staff to receive up to $1000 of shares in Tab as a performance bonus. These shares were issued to eligible staff as follows:
| Issue Date | Acquisition Price |
|---|---|
| 18/12/1999 | $2.8403 |
| 11/11/2001 | $2.9066587 |
Employee Savings Share PlanThe Employee Savings Share Plan enabled eligible staff to elect to acquire shares in Tab by a salary sacrifice contribution. These shares were issued to eligible staff as follows:
| Issue Date | Acquisition Price |
|---|---|
| 18/12/1999 | $2.8403 |
| 01/11/2000 | $3.0918 |
| 07/05/2001 | $3.15 |
| 11/11/2001 | $2.9066587 |
| 17/04/2002 | $2.7995 |
| 16/10/2002 | $3.18 |
| 22/04/2003 | $3.18 |
Timetable and relevant documents for downloading
| Date | Event |
|---|---|
| 15 Oct 04 | Tabcorp dispatched a letter and claim form to former Tab shareholders whose shares were acquired compulsorily by Tabcorp. The forms will enable these shareholders to claim the consideration they are entitled pursuant to the Tabcorp offer for Tab shares.View letter despatched to former Tab shareholders |
| 20 Sep 04 | All remaining Tab shares compulsorily acquired by Tabcorp. |
| 8 Sep 04 | Tabcorp commences the process of completion of the compulsory acquisition of the outstanding Tab shares – view announcement. |
| 13 Aug 04 | Closing date for Tabcorp offer. |
| 27 Jul 04 | Tabcorp receives acceptances for 90% of Tab and increases its offer by 10 cents cash per Tab share to $2.10 cash and 0.20 Tabcorp shares per Tab share – view announcement. |
| 20 Jul 04 | Determination of the Share Component - view announcement. |
| 5 Jul 04 | Tabcorp offer now becomes unconditional after reaching 50% acceptance level – view announcement. |
| 3 Jun 04 | Tabcorp lodges second supplementary bidder’s statement - view announcement. |
| 4 May 04 | Tabcorp lodges supplementary bidder’s statement - view announcement. |
| 21 Apr 04 | Bidder’s statement dispatched to all Tab shareholders – download bidders statement. |
| 2 Apr 04 | Tabcorp lodges bidder’s statement with Tab Limited and ASIC. |
| 5 Nov 03 | Tabcorp proposes merger with Tab Limited – view announcement |
Download Bidder’s Statement
The Bidder's Statement may be downloaded as one complete document or in separate sections. You will need Adobe Acrobat Readerto read these files.
Bidder's Statement in its entirety (PDF – 2.9 Mb)
- Introductory pages - part 1 that include: (PDF – 0.5 Mb)
- Front cover
- How do I accept the offer?
- Tabcorp Offer information line
- Important Dates
- Share Sale Facility
- Important Information
- Letter from the Chairman of Tabcorp
- Tabcorp’s Offer is Superior to UNiTAB’s offer
- Introductory pages - part 2 that include: (PDF – 0.9 Mb)
- Nine Good Reasons Why You Should Accept Tabcorp's Offer
- Nine Good Reasons Why You Should Accept Tabcorp's Offer
- Introductory pages - part 3 that include: (PDF – 0.4 Mb)
- Summary of the Offer
- Cover page - Australia’s premier gambling and entertainment group
- Table of Contents
- Section 1 - Profile of the Tabcorp Group and Bidder(PDF – 0.5 Mb)
- Section 2 - Information about Tabcorp Securities(PDF – 0.1 Mb)
- Section 3 - Profile of the Tab Group(PDF – 0.1 Mb)
- Section 4 - Intentions(PDF – 0.1 Mb)
- Section 5 - Financial Position and Expected Performance of the Merged Group(PDF – 0.2 Mb)
- Section 6 - Sources of Consideration(PDF – 0.1 Mb)
- Section 7 - Tax Considerations(PDF – 0.1 Mb)
- Section 8 - Investment Risks(PDF – 0.1 Mb)
- Section 9 - Other Material Information(PDF – 0.2 Mb)
- Section 10 - The Offer(PDF – 0.2 Mb)
- Section 11 - Share Sale Facility for Tabcorp Shares(PDF – 0.1 Mb)
- Section 12 - Definitions and Interpretation(PDF – 0.1 Mb)
- Section 13 - Approval of Bidder’s Statement(PDF – 0.1 Mb)
- Annexures and Corporate Directory(PDF – 0.8 Mb)
- Annexure A - ASX Announcements in Relation to Tabcorp Since 30 June 2003
- Annexure B - ASX Announcements in Relation to Tab Since 30 June 2003
- Annexure C - Rights Attaching to Tabcorp Shares
- Annexure D - Independent Accountant's Report
- Annexure E - Investigating Accountant's Report
- Annexure F - Accounting Policies
- Annexure G - Other Aspects of the Loan Facility
- Annexure H - Warranties and Acknowledgements in Relation to the Share Sale Facility
- Corporate Directory and back cover
