L&W gets conditional approval for listing on ASX

May 18, 2023 Newsdesk Latest News, Top of the deck, World  

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Casino equipment and online games provider Light & Wonder Inc (L&W) says it has received conditional approval from the Australian Securities Exchange (ASX) for the company’s secondary listing on that bourse.

In a Wednesday press release, Light & Wonder said it expected to be admitted today (Thursday, May 18) to the official list of the ASX.

Each of Light & Wonder’s CHESS Depositary Interests (CDI) on the ASX “will represent one fully paid share of common stock” of the company, it said in the announcement.

“The secondary listing and official quotation remain subject to final approval by the ASX,” it stated.

Light & Wonder said last week that its board of directors had approved going ahead with a secondary listing on the ASX, to complement its current listing on Nasdaq in the United States.

“The board believes there are substantial potential benefits for the company and its shareholders in pursuing a secondary listing on the ASX,” the firm said at the time.

It said such benefits included “enhancing the company’s profile in Australia,” one of the “leading markets” for its gaming business, and providing the company access to “new long-term Australian institutional investors that would complement its strong existing base of shareholders in the U.S. and Australia.”

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