Macquarie Group Declares 5.18% Stake in Tabcorp, Becoming a Substantial Shareholder

Key Points<\/h3>

• Entity: Macquarie Group Limited (ASX:MQG) reports a substantial holding in Tabcorp Holdings Limited (ASX:TAH)<\/li>
• Macquarie Group exceeded the 5% substantial holder mark in Tabcorp on 30 June 2026<\/li>
• Total relevant interest: 118,817,988 fully paid ordinary shares, representing 5.18% voting power<\/li>
• Shares are held across five Macquarie Group entities: MIMGL, MIMAL, MIML, MISL, and Macquarie Bank Limited<\/li>
• Notice was signed and submitted on 3 July 2026 by Olivia Shepherd, Assistant Company Secretary<\/li>
• Investors should observe whether Macquarie adjusts this stake in future disclosures<\/li> <\/ul> <\/div>

  Macquarie Group Surpasses 5% Voting Stake in Tabcorp as of 30 June 2026<\/h2>

  On 30 June 2026, Macquarie Group Limited officially became a substantial holder in Tabcorp Holdings Limited, triggering a mandatory filing under Section 671B of the Corporations Act 2001. The Form 603 Notice of Initial Substantial Holder was lodged on 3 July 2026, confirming that Macquarie Group and its controlled entities collectively hold 118,817,988 fully paid ordinary shares, representing 5.18% of Tabcorp’s total voting power.<\/p>

  Crossing the 5% threshold is a significant regulatory event in Australian corporate law, requiring public disclosure of the holding. Subsequent changes of 1% or more in the stake must also be reported, ensuring that any increase or decrease in Macquarie’s interest in Tabcorp will be closely tracked by the market.<\/p>

  Distribution of 118.8 Million Shares Among Macquarie’s Investment Entities<\/h2>

  The aggregate holding of 118,817,988 shares is divided among five Macquarie Group entities, each holding shares under different legal capacities. This arrangement is typical for diversified financial groups operating across investment management, banking, and custodial services.<\/p>

  Macquarie Investment Management Global Limited (MIMGL) holds the largest portion with 60,186,841 shares, acting as investment manager with control over voting and disposal rights. Macquarie Investment Management Australia Limited (MIMAL) holds 40,485,214 shares as trustee. Macquarie Bank Limited controls 15,211,272 shares through stock borrowing and lending arrangements. Macquarie Investment Management Limited (MIML) holds 1,849,544 shares in dual roles as trustee of APRA-regulated superannuation funds and operator of investor directed portfolio services (IDPS). Lastly, Macquarie Investment Services Limited (MISL), as Responsible Entity of the Macquarie Separately Managed Account, holds 1,085,117 shares with voting and disposal control.<\/p>

  MIMGL’s 60 Million Shares Constitute Majority of Macquarie’s Stake<\/h2>

  Among the Macquarie entities, Macquarie Investment Management Global Limited (MIMGL) holds the majority stake with 60,186,841 shares. These shares are managed on behalf of clients or investment funds, not held as proprietary investments by Macquarie itself.<\/p>

  This distinction indicates that the stake may represent aggregated positions from multiple underlying funds or mandates managed by MIMGL, rather than a direct strategic investment by Macquarie. The announcement does not specify the particular funds or mandates involved.<\/p>

  Macquarie Bank Limited’s 15.2 Million Shares Arise from Securities Lending Activities<\/h2>

  Macquarie Bank Limited’s relevant interest of 15,211,272 shares stems from its power to control disposal rights under stock borrowing and lending activities. Such arrangements are common among banks operating securities lending desks, facilitating activities like short selling in exchange for collateral and fees.<\/p>

  While the bank retains disposal rights, economic ownership may reside with borrowers. The announcement does not disclose counterparties or the duration of these lending agreements.<\/p>

  MIML’s Dual Capacities Reflect Complex Regulatory Roles<\/h2>

  Macquarie Investment Management Limited (MIML) holds 1,849,544 shares through two roles: as trustee of APRA-regulated superannuation funds and as operator of investor directed portfolio services (IDPS). Both capacities involve control over voting and disposal rights but are governed by distinct regulatory frameworks under APRA and ASIC.<\/p>

  This dual role underscores the complexity of modern financial service structures. The announcement does not delineate the share split between MIML’s trustee and IDPS functions.<\/p>

  Custodians Hold Legal Title to Tabcorp Shares for Macquarie Entities<\/h2>

  The notice identifies registered custodians holding the legal title to the shares, including Bond Street Custodians Limited, JPMorgan Chase Bank N.A., State Street Bank and Trust, HSBC Bank Australia Limited, Citigroup Pty Limited, BNP Paribas Securities Services (Australia), The Northern Trust Company (including its London office), Mitsubishi UFJ Investor Services and Banking (Lux), and Macquarie Bank Limited itself.<\/p>

  The use of multiple global custodians reflects Macquarie’s international investment operations. For example, shares under MIMGL and MIMAL relevant interests are held across custodians such as State Street (13,370,139 shares), Northern Trust London (13,192,328 shares), JPMorgan Chase (12,812,254 shares for MIMGL and 9,845,470 shares for MIMAL), Northern Trust (8,481,340 shares), Citigroup (2,258,297 shares), HSBC (191,858 shares), and BNP Paribas (quantity unspecified).<\/p>

  Consideration Paid for Shares Acquired Before Substantial Holding Threshold<\/h2>

  As required by Section 671B and Form 603, Macquarie disclosed consideration paid for relevant interests acquired within four months prior to crossing the 5% threshold. This information is detailed in Annexure B of the filing, though specific prices and dates are not included in the main announcement.<\/p>

  The four-month lookback aims to provide transparency on accumulation timing and pricing. Investors may consult Annexure B for further details, as the announcement does not clarify whether the stake was built gradually or rapidly.<\/p>

  Extensive Network of Controlled Entities Supports Association Under Corporations Act<\/h2>

  Annexure A lists Macquarie Group’s extensive controlled bodies corporate spanning jurisdictions including Australia, the U.S., the U.K., Germany, Spain, Singapore, the Philippines, Brazil, the Netherlands, and Luxembourg. These entities are aggregated under the Corporations Act to calculate the total relevant interest for substantial holder purposes.<\/p>

  The key entities with direct relevant interests in Tabcorp shares are the five investment management and banking arms named in Section 3 of the notice. Other entities listed serve compliance and completeness purposes.<\/p>

  Implications of Macquarie’s Substantial Holding for Future Disclosures<\/h2>

  Following this initial notice, Macquarie Group must comply with ongoing disclosure obligations. Any 1% or greater change in its relevant interest in Tabcorp must be reported via a Form 604 within two business days. Should its stake fall below 5%, a Form 605 ceasing substantial holder notice is required.<\/p>

  The immediate impact on Tabcorp’s share price was not evident from public data. Market watchers will likely track any material changes in Macquarie’s holdings, as crossing the 5% threshold often attracts attention from other investors. The next significant event will be any Form 604 filings indicating increases or decreases in Macquarie’s Tabcorp exposure.<\/p>