Tattersall to Start Trading

AUSTRALIA – As reported by Bloomberg: "Tattersall's, which calls itself the world's oldest lottery company, plans to start trading on the Australian Stock Exchange by November after distributing stock to its owners, managing director Duncan Fischer said.

"The Melbourne-based company, founded in 1881 by a former gold prospector named George Adams, is owned by about 2,000 people, including descendants of individuals named in his will.

"Going public would improve the company's access to capital at a time mergers are spurring demand for gaming stocks in Australia's A$15 billion (US$11 billion) gambling industry.

"…Tattersall's operates as a private trust under the provisions of Adams's will. Four trustees manage the trust that runs the business on behalf of the 2,000 beneficiaries.

"The transition to a publicly traded company will be similar to an insurance company giving shares to policyholders, Fischer said, adding the company hasn't decided if it will raise money selling new shares as part of the listing process.

"…Tattersall's hired Goldman Sachs JBWere and Macquarie Bank Ltd. as financial advisers. It is in discussions with the Victorian government about changing to a shareholding structure prior to going public, Fischer said…"