Subject to law, business performance and all necessary Board approvals, The Lottery Corporation currently anticipates that it is likely to pay its first dividend in or around March 2023, which will be an interim dividend for 1H23, with reference to the seven months of earnings post Demerger.
The proposed dates set out above are subject to change. Payment of any dividend is subject to relevant Board approval, and the key dates for each dividend will be confirmed to the ASX at the appropriate time.
The Lottery Corporation Board initially intends to target a dividend payout ratio of 70% to 90% of net profit after tax excluding significant items. This dividend policy has regard to The Lottery Corporation’s earnings and cash flow generation as well as expected capital and investment requirements.
The Lottery Corporation currently intends to frank its dividends to the extent practicable. No assurance can be given in relation to the level of future dividends or the franking of such dividends, as these will depend on future events and circumstances, including business performance.
The extent to which a dividend can be franked will depend on The Lottery Corporation’s franking account balance which will depend on the amount of Australian income tax paid by The Lottery Corporation after the Demerger. The Lottery Corporation’s franking account balance will be nil immediately following the Demerger.
The Lottery Corporation reports its financial results twice a year. The Lottery Corporation expects to report full year results by the end of August and half year results by [date] each year.
The Lottery Corporation Constitution contains provisions that facilitate the operation of a DRP.
If The Lottery Corporation Board decides to activate the DRP, it will provide further details to The Lottery Corporation Shareholders prior to the relevant dividend record date, including details of the elections that may be made in relation to participation in the DRP by The Lottery Corporation Shareholders.
Prior to its demerger from Tabcorp, which was implemented on 1 June 2022, The Lottery Corporation™ and its subsidiaries formed the Tabcorp Group’s Lotteries and Keno business.
The Lottery Corporation™ does not provide advice on taxation. Contact your accountant or tax agent or other advisers to obtain advice.