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ASX LIMITED — Capital/Financing Update 2023
May 24, 2023
64439_rns_2023-05-24_e08ac656-ddd3-4899-b722-6db14847cea7.pdf
Capital/Financing Update
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25 May 2023
Australian Securities and Investments Commission ASX Market Announcements Office Mr Nathan Bourne ASX Limited Senior Executive Leader, Market Infrastructure 20 Bridge Street Level 5, 100 Market Street SYDNEY NSW 2000 SYDNEY NSW 2000
ASX ENTERS INTO AGREEMENT TO SELL ENTIRE INVESTMENT IN YIELDBROKER
ASX is pleased to announce that it has entered into a binding agreement to sell 100% of its interest in Yieldbroker Pty Limited ( Yieldbroker ) to a wholly owned subsidiary of Tradeweb Markets LLC ( Tradeweb ) ( Proposed Transaction ).
Helen Lofthouse, ASX’s Managing Director and CEO , said: “ We believe this transaction will deliver substantial benefits to the Australian market through Yieldbroker and Tradeweb leveraging each other’s innovative trading solutions and deep industry experience .
“ASX has been a shareholder of Yieldbroker since 2014 and, given the relationship built over the years between the two organisations, ASX will continue to work closely with new owner Tradeweb to help foster long term growth and solutions for customers in the Australian fixed income market.”
ASX owns approximately 43% of Yieldbroker. The remaining shares are owned by a number of domestic and international banks and current and former Yieldbroker employees. ASX expects to realise approximately A$55m (after estimated transaction costs) under the terms of the Proposed Transaction, and the current carrying value of its interest in Yieldbroker is approximately A$30m.
ASX will recognise a reversal of prior year impairment losses of approximately A$25m after tax as a result of the Proposed Transaction for the financial year ending 30 June 2023. This gain will be classified as a significant item in ASX’s financial reporting framework. The proceeds of the sale will be retained by ASX to support the ongoing operations of the business.
Completion of the Proposed Transaction remains subject to a number of conditions, including regulatory approvals.
Release of market announcement authorised by:
Johanna O’Rourke
Group General Counsel and Company Secretary
Further enquiries:
Media
David Park
Senior Adviser, Media and Communications
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T +61 2 9227 0010
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M +61 429 595 788
Analysts/Investors
Simon Starr
General Manager, Investor Relations and Sustainability
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T +61 2 9227 0623
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M +61 416 836 550
20 Bridge Street Sydney NSW 2000
PO Box H224 Customer service 13 12 79 Australia Square NSW 1215 asx.com.au
ASX Limited ABN 98 008 624 691