Topco Shares Begin Trading as SOL and BKW Share Schemes Complete
Washington H. Soul Pattinson and Brickworks have completed their share scheme implementations, exchanging existing shares for Topco shares and marking a key step in their corporate combination. Brickworks will delist from the ASX, while Topco shares begin normal trading.
- SOL and BKW shareholders exchanged shares for Topco shares
- Topco shares commenced deferred settlement trading on 16 September
- Normal trading of Topco shares begins 24 September
- Brickworks to delist from ASX effective 24 September
- Share schemes mark completion of corporate restructuring
Completion of Share Schemes
On 23 September 2025, Washington H. Soul Pattinson (SOL) and Brickworks Limited (BKW) announced the successful implementation of their respective share schemes, a significant milestone in their ongoing corporate combination. Eligible shareholders of SOL received one Topco share for each SOL share held as of the record date, while BKW shareholders received 0.82 Topco shares per BKW share. This exchange effectively consolidates ownership under the newly named Washington H. Soul Pattinson and Company Limited (Topco).
Trading Transition and Delisting
The last day of trading for SOL and BKW shares was 15 September 2025. Following this, Topco shares began trading on a deferred settlement basis from 16 September and will transition to normal settlement trading starting 24 September. Concurrently, Brickworks has announced its intention to apply for removal from the official ASX list effective at the close of trading on 24 September, marking the end of its independent public listing after decades on the exchange.
Strategic Implications
This restructuring reflects a strategic move to unify the investment and operational assets of both companies under a single listed entity. Soul Pattinson, with its diversified investment portfolio, and Brickworks, a leader in building products and industrial property, aim to leverage combined scale and resources. The consolidation is expected to streamline shareholder value and provide a more cohesive platform for long-term growth and dividend stability.
Investor Support and Information
Both companies have provided dedicated shareholder information lines and online resources to assist investors through the transition. This ensures transparency and support as shareholders adjust to the new shareholding structure and trading arrangements. The move also signals a new chapter for investors seeking exposure to a broader asset base within a single ASX-listed entity.
Looking Ahead
With the share schemes now implemented and Brickworks preparing to delist, market participants will be watching closely how Topco shares perform under normal trading conditions. The combined entity’s strategy and financial outlook will be critical to sustaining investor confidence and delivering on the promise of enhanced capital growth and dividends.
Bottom Line?
As Brickworks exits the ASX, all eyes turn to Topco’s market debut and its path forward.
Questions in the middle?
- How will Topco’s share price perform once normal trading begins?
- What are the long-term strategic plans for the combined entity?
- How will Brickworks’ delisting impact its former shareholders and market liquidity?
