Soul Patts and Brickworks Share Schemes Now Legally Effective, Topco Shares to Trade
Washington H. Soul Pattinson and Brickworks have secured Supreme Court approval for their share schemes, paving the way for the launch of Topco shares on the ASX. Shareholders will transition to Topco shares starting next week, marking a significant step in the companies’ strategic consolidation.
- Supreme Court of NSW approves SOL and BKW Share Schemes
- Share schemes become legally effective as of 15 September 2025
- Trading of Soul Patts and Brickworks shares ends 15 September
- Topco shares commence deferred settlement trading 16 September
- Shareholders to receive Topco shares on 22 September based on 17 September record date
Legal Approval Clears Path for Share Scheme Implementation
Washington H. Soul Pattinson and Company Limited (Soul Patts) and Brickworks Limited have reached a pivotal milestone with the Supreme Court of New South Wales granting formal approval to their respective share schemes. This legal endorsement, lodged with the Australian Securities and Investments Commission, confirms the schemes are now effective, enabling the companies to proceed with their planned consolidation under a new entity, Topco.
Trading Transition and Shareholder Entitlements
The announcement confirms that trading of Soul Patts (SOL) and Brickworks (BKW) shares on the ASX ceased on 15 September 2025. From 16 September, Topco shares will begin trading on a deferred settlement basis, moving to normal settlement from 24 September. Shareholders on record as of 7, 00pm Sydney time on 17 September will receive Topco shares on 22 September, with Soul Patts shareholders entitled to one Topco share per SOL share, and Brickworks shareholders receiving 0.82 Topco shares per BKW share.
Strategic Implications and Market Impact
This consolidation represents a significant strategic realignment for both companies, combining Soul Patts’ diversified investment portfolio with Brickworks’ industrial and building products operations. The creation of Topco aims to streamline ownership structures and potentially unlock greater value for shareholders through a unified vehicle. Market participants will be watching closely as Topco shares begin trading, assessing investor appetite and the new entity’s performance dynamics.
Next Steps and Shareholder Support
Implementation of the share schemes is expected on 23 September 2025, subject to the timetable remaining unchanged. Both companies have provided dedicated shareholder information lines and online resources to assist investors with the transition. Any changes to the timetable or further updates will be communicated promptly to the market.
Legal Documentation and Transparency
The announcement includes the court orders approving the schemes, underscoring the rigorous legal process underpinning this transaction. The transparency and regulatory compliance demonstrated here provide reassurance to shareholders and stakeholders about the legitimacy and robustness of the scheme implementation.
Bottom Line?
As Topco shares prepare to debut, investors face a new chapter that could redefine value creation for both Soul Patts and Brickworks shareholders.
Questions in the middle?
- How will Topco’s share price perform once normal trading commences?
- What strategic initiatives will Topco prioritize post-merger?
- Are there any potential regulatory or operational risks that could delay full scheme implementation?
