Woolworths’ drinks and hotels business, Endeavour Group, will begin trading independently on the ASX today, 24 June, on a conditional and deferred settlement basis.
Shares in Endeavour Group, which owns and operates the Dan Murphy’s and BWS liquor chains as well as a number of hotels, will be transferred to eligible Woolies’ shareholders on July 1, which will see the group trade on a normal basis.
“This is a very significant day for Endeavour Group’s 28,000 team members throughout Australia, who are united around our purpose of creating a more sociable future together, and for our partners, customers and many other stakeholders,” Endeavour Group chief executive Steve Donohue said.
And, according to chairman Peter Hearl, joining the ASX as its own standalone business signals the beginning of the next chapter in Endeavour Group’s evolution.
“On behalf of the entire board, it is a privilege to be a part of such a milestone, and we welcome and thank our new shareholders for joining us on this journey.”
The listing comes a week after Woolworths’ shareholders voted overwhelmingly to approve the demerger on June 18, and will see an ongoing partnership between the two firms moving forward.
Woolworths Group chairman Gordon Cairns said he believes both businesses, post demerger, will have strong future prospects and will benefit from greater simplicity and focus.