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Tabcorp Raises Quarter of a Billion Dollars


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Last month Tabcorp Holdings Limited, Australia’s biggest betting, gaming and
entertainment group and one of the globe’s largest listed gambling firms, raised
a quarter of a billion Australian dollars from new and existing investors.


Tabcorp will use the $250 million in raised capital
in many areas, most
notably to repay certain debts. It will always be used for general corporate
purposes no doubt designed to bolster the company’s market share. This includes
investing in new technology, like its soon-to-go-live betting site, and growing
its retail operations.

To raise the capital, the Australian gambling and entertainment company
allocated some $200 million worth of Tabcorp Subordinated Notes to institutional
brokers and investors via the bookbuild process on a firm basis, and raised the
additional $50 million from holders of Tabcorp Bonds and ordinary shares, and
various other investors.

Tabcorp Issued 2.5m Subordinated Notes Valued at $100 Each

Tabcorp issued 2.5 million Tabcorp Subordinated Notes worth $100 each, which
started trading on the Australian Securities Exchange (ASX) on a deferred
settlement basis on March 23, and on a normal settlement basis on March 27.

The notes, which are cumulative, subordinated and unsecured, are scheduled to
mature on March 22, 2037, unless they are redeemed before that. Subject to
deferral, they will provide Tabcorp investors with interest payments every
quarter, and will be calculated as a fixed margin of 4 per cent per annum over
the three month Bank Bill Rate.

As one of Australia’s premier gambling groups, Tabcorp has vested interest in
the country’s gambling laws, which is why at a recent American Chamber of
Commerce business briefing in Melbourne, CEO Attenborough called once again for
the government to introduce a ‘standardised regulatory approach’ to Australia’s
gambling laws.

There is no Cohesion Between Australia’s States and Territories

Attenborough pointed out that currently there is no cohesion between Australia’s
many states and territories in terms of their respective harm minimisation and
consumer protection measures, meaning that each boasts different credit betting
policies, pre-commitment tools and responsible gambling messages.

‘Yet, the
consumer, particularly the one betting online, does not think state-based and
can access any wagering operator through an account, regardless of which state
they’re in. They can easily sidestep any state’s special rules with their iPhone,’
he explained.

‘A national or standardised approach would provide business with greater
freedom to focus on innovation and creating value. It would allow business and
government alike to be more productive.’

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