SOL Finalises Massive Share Scheme, Issuing 433.7M Topco Shares

• Completion of SOL and Brickworks share scheme allotments
• 1 Topco share issued per SOL share held
• 0.82 Topco shares issued per Brickworks share held
• Total Topco shares issued now at 433.7 million
• Updated Top 20 shareholder and distribution schedules released

Share Scheme Completion Marks New Chapter

Washington H. Soul Pattinson and Company Limited (SOL) has officially completed the allotment of shares under the recently effective share schemes involving both SOL and Brickworks Limited (BKW). Following the record date on 17 September 2025, eligible shareholders received their entitlements, with SOL shareholders granted one Topco share for each SOL share held, and Brickworks shareholders receiving 0.82 Topco shares per BKW share.

This allotment was finalised on 22 September 2025, when Topco issued a total of 433,748,697 shares. This figure includes 273.5 million shares issued to SOL shareholders, 125.8 million shares to BKW shareholders, and 34.3 million shares from a concurrent equity raising. The completion of this process represents a significant reshaping of the shareholder base and capital structure.

Implications for Shareholders and Market Structure

The issuance of Topco shares to SOL and BKW shareholders effectively consolidates ownership under the newly renamed Washington H. Soul Pattinson and Company Limited, which is expected to trade under the ticker "SOL". This move signals a strategic alignment between the two entities, potentially streamlining operations and unlocking synergies.

The updated shareholder distribution reveals a concentration among the top 20 holders, who collectively own just over 52% of the issued capital. Notably, Washington H. Soul Pattinson Company Limited itself remains the largest shareholder with 12.41% ownership, followed by major custodial nominees and institutional investors. The broad distribution across smaller holders also suggests a diverse investor base.

Looking Ahead, What This Means for SOL and BKW

While the announcement focuses on the technical completion of the share schemes and equity raising, it leaves open questions about the strategic direction post-merger. Investors will be keen to see how the combined entity leverages its expanded capital base and shareholder support to drive growth. Market watchers will also monitor share price reactions and any forthcoming updates on operational integration or capital deployment plans.

Overall, this milestone sets the stage for a new phase in SOL’s evolution, with the potential to reshape its market presence and investment appeal.

Bottom Line?

With share schemes complete, all eyes now turn to how SOL and Brickworks will capitalise on their newly unified capital structure.

Questions in the middle?

• How will the combined entity prioritise capital allocation following the share scheme completion?
• What operational synergies or strategic initiatives will SOL and Brickworks pursue next?
• How might the new shareholder distribution influence corporate governance and decision-making?