Brickworks Delisting Signals Major Shift in Australian Building Products Sector

Share Scheme Implementation Marks a New Chapter

On 23 September 2025, Washington H. Soul Pattinson and Company Limited (Soul Patts) and Brickworks Limited announced the successful implementation of their respective share schemes. This corporate milestone sees eligible shareholders of both companies exchanging their existing shares for shares in the newly renamed Topco entity, effectively consolidating ownership under a single listed vehicle.

For Soul Patts shareholders, the exchange ratio was straightforward, one Topco share for each SOL share held as of the record date on 17 September. Brickworks shareholders received 0.82 Topco shares for each BKW share they held. This share consolidation reflects a strategic alignment between the two companies, which have long-standing investment ties and complementary business portfolios.

Trading Transition and Delisting Plans

Trading in the original Soul Patts and Brickworks shares ceased on 15 September 2025. From 16 September, Topco shares began trading on a deferred settlement basis under the ticker "SOLDA," transitioning to normal settlement trading from 24 September under the ticker "SOL." This phased approach aims to ensure a smooth market transition and maintain liquidity for shareholders.

Significantly, Brickworks has announced its intention to apply for removal from the official ASX list effective at the close of trading on 24 September 2025. This delisting marks the end of an era for Brickworks, a company with a century-long history on the ASX and a reputation as Australia’s largest brick manufacturer. The move likely reflects the strategic benefits of consolidating under the Topco structure, potentially streamlining operations and investor relations.

Strategic Implications and Investor Considerations

Soul Patts has evolved from its origins in pharmacy ownership to a diversified investment house with interests spanning listed equities, private markets, credit, and property. Brickworks, meanwhile, maintains a diversified portfolio including building products in Australia and North America, industrial property, and investments. The share scheme and resulting consolidation under Topco may enhance capital growth prospects and dividend stability by leveraging combined assets and operational synergies.

Shareholders seeking further information are directed to dedicated shareholder information lines and investor centres provided by both companies. As the market digests this structural change, attention will turn to how Topco manages integration and capitalises on its expanded asset base.