Tabcorp says Northcape Capital builds stake

    Australia’s Tabcorp said it has become aware than Northcape Capital has built a substantial stake in the company and warned that it has mechanisms in place to prevent an individual investor gaining more than 10 percent.
    Northcape upped its stake to 54,626,100, or 7.16 percent of the capital, on July 22nd.
    The company said its constitution, agreed with the state of Queensland, prevents any individual investor from having more than 10 percent of the voting power and that it may refuse to register any shares purchased above that threshold.
    It also warned it may require any investor to divest an amount above the level.
    The shares gained 0.6 percent to $3.51 on Thursday.