Light & Wonder is pursuing the possibility of a secondary listing of shares on the Australian Securities Exchange in a bid to accelerate its global ambitions and drive further shareholder value.
Among the potential benefits identified as a result of a potential ASX listing is an enhanced profile in Australia, as well as providing access to fresh long-term institutional investors in the country.
This, it was added, would complement a “strong existing base of shareholders” in the US and Australia.
As part of the process, which would add to the company’s existing primary Nasdaq listing, L&W will be consulting shareholders as part of an overall evaluation.
Ahead of this announcement, the group’s board of directors is said to have “considered a range of options” to advance an overall aim of becoming “a global leader in cross-platform games and entertainment” and enhance overall shareholder value.
Light & Wonder has said that it will update the market once the evaluation is complete and it has made a decision whether to proceed with the secondary listing. However, it is noted that there is no assurance that the company will decide to pursue this option.
“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,” commented Jamie Odell, Executive Chair of the Light & Wonder Board of Directors.
“We believe they will appreciate the value and long-term potential of L&W’s broad international business and strategy. We look forward to engaging with the market and our current shareholders on a potential secondary listing.”