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Tattersalls Takes $2 Billion Plunge

5 April 2004

AUSTRALIA – As reported by the (Australia) Age: "Victoria's dominance of the multibillion-dollar gambling industry looks likely to be consolidated later this year with the $2 billion-plus (US$1.5 billion) float of pokie machine and lottery giant Tattersalls.

"Trustees of the Estate of the late George Adams confirmed yesterday that they were working towards a public listing that would allow it to expand in what was an increasingly mature and tightly regulated industry.

"…Analysts said yesterday the biggest difficulty facing Tatt's was devising a listed structure that suited all of its 2360-odd beneficiaries. ABN Amro gaming analyst Sean Monaghan said agreeing on how the beneficiaries' annual entitlements - which last year exceeded $100 million - would be transferred into some sort of shareholding was a potential nightmare.

"…But he agreed the timing was right for Tattersalls to float given the rapid consolidation of the gambling industry…"

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