Former Tattersall Beneficiaries Sell Shares

AUSTRALIA – As reported by the Australian: "Former Tattersall's beneficiaries - some of whose families had held a stake in the gambling giant for more than a 100 years - yesterday decided it was finally time to sell down.

"As Tatts hit the trading boards after the most anticipated stock market float of the year, brokers and company officials said some beneficiaries appeared to be cashing in their shares.

"Tatts bounced on to the market, its shares opening at $3.50 - 20 per cent above the $2.90 paid by retail investors - before closing at $3.56.

"The hype in the lead-up to the $2 billion float was reflected in the huge trading volume, with 126 million shares, or 17 per cent of the register, changing hands.

"The volume exceeded the 105 million shares available to new shareholders, with much of the turnover attributed to the former beneficiaries taking stag profits…"