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Australia's Southern Bids for Betting and Gaming Assets

14 August 2001

SYDNEY, Australia –- August 14, 2001 –- As reported by the (Sydney) Herald Sun: "A Southern Equity Holdings plan to acquire a string of Fijian betting shops and an inactive Internet gaming licence in Vanuatu was `fair and reasonable' to the investor's shareholders, an independent expert has found.

"…South Australian-based Southern Equity shareholders are due to vote in Sydney today on the proposal to acquire the betting and gaming assets from racing identities Bill and Robbie Waterhouse in return for 32.5 million shares and a $2.5 million convertible note, covering another 12.5 million shares.

"The move will provide a backdoor listing for the Waterhouse business WaterhouseBet and the foundation for an Internet-based horse racing and sports betting business, aimed primarily at gamblers in Asia…"

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