Global gaming supplier Light & Wonder Inc announced early Thursday morning (Asia time) that it has been granted conditional approval by the Australian Securities Exchange for a secondary listing on the ASX.
Following the conditional approval, it is now anticipated that Light & Wonder will be admitted to the official list of the ASX as an ASX Foreign Exempt Listing on Thursday 18 May, Australian time, with official quotation of CHESS Depositary Interests (CDIs) on Monday 22 May, the company said.
Each CDI will represent one fully paid share of common stock of Light & Wonder with existing US shareholders able to retain their holding as shares on the primary NASDAQ listing or convert some or all of their shares into CDIs.
Light & Wonder first revealed that it was evaluating a secondary listing on the ASX in March, with the aim of enhancing the company’s profile in Australia and giving it access to new long-term Australian institutional investors that would complement its existing base of shareholders in the US and Australia.
“The ASX is a premium market with a long track record as a platform for global gaming companies and a deep and liquid pool of sophisticated investors and market participants who have a strong understanding of the gaming business,” said Light & Wonder’s Executive Chair, Jamie Odell, at the time.
“We believe they will appreciate the value and long-term potential of Light & Wonder’s broad international business and strategy.”