After more than a century as a private trust Victoria-based Tattersall’s lodged its prospectus with the Australian Securities and Investment Commission (ASIC) last week. Starting from a sweepstake organized in a pub in 1881, the company now operates lotteries in four Australian jurisdictions and South Africa, is in a joint venture with a Swedish firm in Nigeria and operates a venue networks business with revenues of around US$1.9 billion. The stock exchange float will see Tattersall’s expanding its horizons into new business developments that may include casinos.
Shares to be issued will number 700 million but the vast majority will go to the company’s 2,500 beneficiaries and staff. 100 million new shares will be floated and Tattersall’s expects that some US$222 million raised will finance expansion plans. By going public the company intends to invest in new business inside and outside the entertainment industry, and is presently looking into casinos and gaming with the intention of becoming a leading international provider of gaming-based entertainment products and services.
The conversion of Tattersall’s into a public company has been extraordinarily complex as legislation had to be passed by the state government of Victoria to enable the Estate of the late George Adams to be restructured. The beneficiaries had to be consulted and vote for the move and the Australian Tax Office had to give appropriate rulings. The Supreme Court had to grant the trustees power to distribute the shares in Tattersall’s Limited to the beneficiaries.
Commenting on the listing, Chairman David Jones said, “Listing on the ASX will provide new opportunities to write the next chapters in the history of
Tattersall’s.” The Managing Director and CEO, Duncan Fischer added, “Listing will provide Tattersall’s with greater access to capital for its domestic and international
growth options, while assisting to position the company for gaming and lottery licences.
The retail share offer is expected to open on Friday 10 June and to close on Wednesday 29 June. The retail application price of the shares is US$2.20 per share, giving the company a market capitalisation of US$1.55 billion. Tattersall’s should then start trading on the Australian Stock Exchange (ASX) on a conditional basis on 7 July and on a normal trading basis on 18 July. (E-06.07.05)
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