Tattersalls will make Aus$300 million shares available to public
Tuesday 17th August 2004
Australian Lottery company Tattersalls is planning on selling approximately Aus$300 million of its shares publicly later this year. The Victorian based company is looking at November for floating the shares on the stock market for public purchase. The final amount to be floated depends on the decision of current shareholders and the amounts they are willing to sell. Currently Tattersall’s operates 27,500 poker machines within the state, and boasts an annual revenue of Aus$13.3 billion.
Currently about 2500 beneficiaries of the company’s founder George Adams, hold the stock of the company. Should they decide between them to sell less than the intended $300 million, then the company would be looking at undertaking a small capital raising venture to make up the difference. Once the Victorian parliament have changed Tattersall’s trust structure to one of an unlisted entity, beneficiaries will then be presented with an indication of unit prices in order to make the decision as to the volumes they are willing to sell.
In order to continue with their quest to obtain a stock market listing, Tattersall’s must obtain permission from a core group of beneficiaries- those who are direct relations of the benefactors named in George Adams will. The second level of permission must come from the Supreme Court in Victoria, whose task it is to assess that current owners of the company will not be disadvantaged by the stock market listing. The last stage in the movement towards the stock market, is a change in legislation regarding the company’s new status in relation to the Victorian gaming and lotteries license it holds. This bill is expected to be passed with no problems.
