Tattersall Wins Court Approval for Restructuring

AUSTRALIA – As reported by the Australian: "Gambling giant Tattersall's has won in-principle court approval for its restructure, clearing one of the final obstacles to what will be Australia's biggest float this year at more than $2 billion.

"But while there was back-slapping and hand shakes yesterday in Victoria's Supreme Court, outside the stock market was falling steeply for the fourth straight session.

"The sharp fall in share prices is the latest blow to the value of the float, which has already been hit by last week's doubling in the Victorian levy on gaming machines that will cost Tattersall's $20 million a year .

"Victoria moved last month to potentially open up to competition Tattersall's Victorian lottery monopoly, the licence for which expires in 2007.

"…But while float conditions have deteriorated, Tattersall's is unlikely to be overly concerned because it is offering only a modest 14.3 per cent stake in the new company…"