Domain set to make solo debut on ASX

Real estate business Domain will list on the Australian Securities Exchange on Thursday after shareholders voted in favour of the Fairfax spin-off.

Domain is set for its solo debut on the Australian Stock Exchange following the spin-off of the profitable real estate business from news publisher Fairfax.

Shareholders overwhelmingly voted in favour of the separation at Fairfax's annual general meeting on November 2.

Domain is scheduled to list on Thursday under the code DHA.

Fairfax will retain a 60 per cent interest in Domain and shareholders will hold the remaining 40 per cent - receiving one share in a newly listed Domain for every 10 Fairfax shares owned.

Shareholders will also retain their existing Fairfax shares.

Fairfax had been building toward the separation of its lucrative Domain business following the July decision by US private equity raiders TPG and Hellman & Friedman to pull out of moves to acquire the media company.

The relationship between Fairfax and Domain, which will be led by Antony Catalano, will be similar to that between rival News Corp and ASX-listed property advertiser REA Group.


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Source: AAP


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