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Tabcorp Holdings Ltd (TAH.AX)

TAH.AX on Australia Stock Exchange

4.74AUD
30 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Tabcorp to seek authorisation from Australian Competition tribunal on Tatts merger
Sunday, 12 Mar 2017 07:07pm EDT 

Tabcorp Holdings Ltd : Tabcorp to seek authorisation from Aust Competition tribunal . Lodged an application with australian competition tribunal for authorisation to proceed with proposed combination of Tabcorp and Tatts Group . As a consequence of lodging an application with tribunal, tabcorp has withdrawn its application for informal clearance by accc . Tabcorp is confident that as part of tribunal process it will address all relevant issues raised in soi by accc .Formed a view that it has a compelling case to pursue a merger authorisation application in Australian Competition tribunal.  Full Article

Tatts Group responds to ACCC SOI regarding proposed merger of Tabcorp and Tatts Group
Wednesday, 8 Mar 2017 07:33pm EST 

Tatts Group Ltd : Unanimously recommends proposed tabcorp merger, in absence of a superior proposal . Tatts will continue to work with Tabcorp to progress competition approval process and all other regulatory approvals .Refers to ACCC statement of issues (soi) in relation to proposed merger of tabcorp and Tatts Group.  Full Article

Tatts Group responds to ACCC SOI regarding proposed merger of Tabcorp and Tatts Group
Wednesday, 8 Mar 2017 06:59pm EST 

Tatts Group Ltd : Unanimously recommends proposed tabcorp merger, in absence of a superior proposal . Tatts will continue to work with Tabcorp to progress competition approval process and all other regulatory approvals .Refers to ACCC statement of issues (soi) in relation to proposed merger of tabcorp and Tatts Group.  Full Article

Tabcorp repsonds to ACCC statement regarding Tatts group merger
Wednesday, 8 Mar 2017 06:23pm EST 

Tabcorp Holdings Ltd : Tabcorp notes ACCC announcement,tts-tah.ax . Notes statement of issues released today by ACCC in relation to proposed combination of Tabcorp and Tatts Group Limited . Believes it is well advanced in addressing issues identified in SOI . ACCC has identified several other issues which may raise concerns . "Tabcorp has committed to divest its Odyssey gaming services business and is well advanced with a sale process" . ACCC has also identified several issues which are unlikely to raise concerns . ACCC raised one substantial issue of concern, is in relation to electronic gaming machine monitoring services and repair, maintenance services in queensland ."Tabcorp will continue to review the soi and assess its options to maximise the prospects of receiving competition approval for the transaction".  Full Article

ACCC issues statement on proposed merger of Tabcorp and Tatts
Wednesday, 8 Mar 2017 05:32pm EST 

Australian Competition And Consumer Commission - : Considers Tabcorp and Tatts primarily compete for online and telephone customers . Seeking comment on Tabcorp's divestment proposal to sell its queensland electronic gaming machine monitoring business . ACCC issues statement on proposed merger of tah and tts-axx,tah,tts . Considers Tabcorp and Tatts primarily compete for online and telephone customers . ACCC notes there is limited competitive overlap between retail wagering operations of merger parties which are exclusively held in separate states and territories . ACCC's preliminary view is that proposed merger is likely to lessen competition in supply of monitoring & other services to pokies venues in queensland . Says, Tabcorp has recently provided ACCC with a divestment proposal to sell its queensland electronic gaming machine monitoring business .ACCC's final decision will be announced on 4 May 2017.  Full Article

Tabcorp Holdings HY net profit attributable $58.9 mln
Wednesday, 1 Feb 2017 05:06pm EST 

Tabcorp Holdings Ltd : HY revenue from ordinary activities $1.16 billion, up 2 pct . HY net profit for period attributable to members $58.9 million, down 28 pct . Declares interim dividend 12.5 cents per share . FY17 dividend target is greater of 90 pct of NPAT before significant items and amortisation of Victorian Wagering and Betting Licence or 24 cents per share . Tabcorp's proposed combination with Tatts Group is expected to deliver significant value for both sets of shareholders . Tabcorp's target is to achieve 14 pct return on invested capital in FY17, excluding impact of significant items . "Dividend reinvestment plan (DRP) will operate in respect of this interim dividend" .FY17 capex expected to be approximately $200 mln, including $27m in 2H17 related to TGS expansion.  Full Article

Tatts Group says company receives indicative proposal
Tuesday, 13 Dec 2016 06:37pm EST 

Tatts Group Ltd : Tatts receives indicative proposal . It has received an unsolicited confidential, non-binding, indicative and conditional proposal from four financial investors . Received proposal from four financial investors to acquire 100% of tatts for a combination of cash and scrip consideration . Pacific consortium's total indicative value per tatts share of $4.40 to $5.00 . Cash consideration of $3.40 includes $3.105 cash, a $0.20 fully franked special dividend, and $0.095 fully franked interim dividend . Proposed transaction to be financed through a combination of equity and debt . Shareholders do not need to take any action in response to indicative proposal . Wagering & Gaming Co to have $378m drawn debt and $139m undrawn facilities to fund remaining cms licence payments in NSW . Tatts has not yet formed a view on how the indicative proposal compares to the proposed tabcorp merger . Directors of Tatts continue to believe proposed Tabcorp merger is in best interests of Tatts shareholders ; unanimously recommend Tabcorp merger .Tatts board remains fully committed to acting in best interests of, and maximising value for, Tatts shareholders.  Full Article

Intecq Ltd says Supreme Court of nsw approves scheme of arrangement
Friday, 2 Dec 2016 04:55am EST 

Intecq Ltd : Supreme Court of nsw approves scheme of arrangement . Expected that copy of order of court will be lodged with Australian Securities And Investments Commission, at which time scheme will become legally effective . Scheme will be implemented on 16 december 2016 .Supreme court of nsw approved scheme of arrangement under which Tabcorp Gaming Holdings will acquire all of issued share capital in Intecq.  Full Article

Intecq Ltd says Supreme Court of nsw approves scheme of arrangement
Thursday, 1 Dec 2016 06:50pm EST 

Intecq Ltd : Supreme Court of nsw approves scheme of arrangement . Expected that copy of order of court will be lodged with Australian Securities And Investments Commission, at which time scheme will become legally effective . Scheme will be implemented on 16 december 2016 .Supreme court of nsw approved scheme of arrangement under which Tabcorp Gaming Holdings will acquire all of issued share capital in Intecq.  Full Article

Tabcorp records about 50 pct decline in FY net profit
Wednesday, 3 Aug 2016 06:35pm EDT 

Tabcorp Holdings Ltd : Appendix 4e, FY 2016 media release and annual report 2016 . FY net profit attributable to members $169.7 million versus $334.5 million . FY revenue from ordinary activities $2.19 billion versus $2.16 billion a year ago . Board has announced a final dividend of 12 cents per share, fully franked . FY17 dividend target is greater of 90% of npat before significant items and amortisation of victorian wagering and betting licence or 24 cents per share . In FY 2017, Tabcorp expects variable contribution margin for Sun Bets of approximately 20% and operating expenses of approximately $25 million . FY 2017 opex/revenue ratio is expected to be approximately 22% . FY 2017 depreciation and amortisation expense is expected to be approximately $185 million . Target is to achieve 14% return on invested capital in FY 2017" .  Full Article

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BRIEF-Tabcorp to pay A$45.0 mln in penalty as Federal court approves Austrac settlement

* Federal court has approved that settlement, under which Tabcorp will pay a penalty of $45.0 million (plus Austrac's legal costs on an agreed basis)