Soul Pattinson and Brickworks Share Schemes Now Legally Effective: What’s Next for Shareholders?

Legal Approval Secures Next Phase

On 15 September 2025, Washington H. Soul Pattinson and Company Limited (SOL) and Brickworks Limited (BKW) announced that their respective share schemes have become legally effective following approval by the Supreme Court of New South Wales. This judicial endorsement is a critical step in the companies’ strategic consolidation, signaling the transition to a new corporate structure under the umbrella of Topco.

Trading Halt and Transition to Topco Shares

As part of the process, trading of SOL and BKW shares on the Australian Securities Exchange (ASX) ceased on 15 September 2025. From 16 September, Topco shares will commence trading on a deferred settlement basis, moving to normal settlement from 24 September. This phased approach aims to ensure a smooth transition for investors and market participants, minimizing disruption while the new share class establishes liquidity.

Shareholder Entitlements and Exchange Ratios

Shareholders recorded on 17 September 2025 at 7 – 00 pm Sydney time will be entitled to receive Topco shares in exchange for their existing holdings. Specifically, each Soul Pattinson share will convert to one Topco share, while Brickworks shareholders will receive 0.82 Topco shares per Brickworks share. This exchange ratio reflects the negotiated terms underpinning the combination and will define the ownership structure of the newly consolidated entity.

Strategic Implications and Market Outlook

The legal effectiveness of the share schemes marks a pivotal moment for both companies, which have long histories in their respective sectors. Soul Pattinson, with its diversified investment portfolio, and Brickworks, a leader in building products and industrial property, are now poised to leverage combined strengths under Topco. While the announcement does not delve into detailed financial impacts or strategic rationale, market watchers will be keen to observe how the new entity performs and integrates its assets.

Next Steps and Investor Guidance

Implementation of the share schemes is expected on 23 September 2025, subject to any timetable adjustments announced by the companies. Both Soul Pattinson and Brickworks have provided dedicated shareholder information lines and online resources to assist investors through the transition. The coming weeks will be critical as Topco shares begin trading and shareholders adjust to the new corporate landscape.