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TAH - Tabcorp Holdings

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This whole distasteful episode is just another remnant of one of the most shameful State Governments us Victorians have had to endure during the Kirner / Cain era.

But don't get too warm and fuzzy towards Brumby there is a whole lot of self interest going on here. General opinion seems to be that this will provide him with windfall of up to $8B for State coffers.
 
dalek said:
But don't get too warm and fuzzy towards Brumby there is a whole lot of self interest going on here. General opinion seems to be that this will provide him with windfall of up to $8B for State coffers.
Click to expand...

You are on to something here, I've read the new licenses could be worth up to $2B. The only winner here is the Vic Government, cashing in on the new licenses. Don't worry the amount of machines, they stay the same, they will still reap the same taxes as well. Not for a second do I think it is good for the community, nothing changes for the punter. TAH and TTS may still sue, they are considering their options right now. What the outcome of that (if any) will be I will leave for the lawyers to work out.
 
What I dont get is people think that is going to reduce problem gambling.

If people want to play the pokies. There is always going to be on available.

It's like fast food. If someone wants kfc, they will find away off getting to one.

Will be interesting to see how low Tabcorp goes the dividend is already 8%.
 
They were talking on the radio politicians sell out of Tabcorp and Tatts in the days before the Brumby ANN

Can anyone identify pollies that sold Tabcorp and Tatts in the days before the Brumby ANN?
 
"A 13-YEAR-OLD letter appears to have doomed plans by gambling giants Tabcorp and Tatts Group to sue the Victorian Government for $1.2 billion in compensation over the loss of their duopoly grip on the state's poker machine licences."

Full Story Here
 
Re: the recent high court decision going Betfair's way, then it's likely Tabcorp and Tatts could propose a merger...that'd be interesting indeed.
 
the ACCC rejected TAH's takeover proposal on competition grounds for wagering (still shaking my head on that one) so to think they would NOW allow it is doubtful (true, funny things happen).

a merged TAH/TTS would own or control all wagering in eastern australia, lotteries in victoria, and all casinos thru NSW & QLD.

thats a lot of the gambling dollar potentially going thru 1 set of doors.

doubt it.

and even if it was allowed, who says NSW Govt would allow the wagering pool to be merged with Vic & QLD - they have resisted so far - why? - thru some fanciful idea that because TAH couldnt GUARANTEE turnover wouldnt decrease - every expert in the world would say it would, but because it couldnt be GUARANTEED, they knock it back - well thats the reasoning given anyway - i assume its some hatred of TAH after the sky channel debacle.
 
True, but it is this state protectionism of TAB's that saw Betfair's recent success in the high courts. This is the ruling that's fueling the rumours...but as you say the ACCC can still knock it back on anti-competitve behaviour.

Re: compensation, it could end up being $600m to TAH, or any value in between, even zero!. It depends on the price of the license being issued in 2012. Vic gaming law states that any compensation being paid is either the value of the previous license or the premium being paid by the new licensee...whichever is the lesser. If they give out a license for free, that equates to zero compensation.

Unfortunately for us TAH shareholders, the TAH board has always believed that a future license would be worth more than what they paid in 1996...wishful thinking perhaps, I'm hoping they were right
 
from the info out there about 4 years ago on the compensation, TAH get $600m, TTS get zilch.

sorry thats purely from memory - no source.
 
Anyone know where I can get TAH information on their break down earning
for each division.

Stuff I like to see which is not in Annual report is

Poker division how much they make
casino division how much they make
wagering division how much they make etc..

I will do my bit and email them but if anyone know where I can dig that up that would be nice ..

ta
 

This is all I could find at the moment. If I get time, i'll have a look tonight.
EBIT 2H08
Vic. gambling 111.2m
Vic. wagering 43.4m
Casino's 168.8m
NWS wagering 86.3m
Keno 19.4m
 
CAB SAV said:
This is all I could find at the moment. If I get time, i'll have a look tonight.
EBIT 2H08
Vic. gambling 111.2m
Vic. wagering 43.4m
Casino's 168.8m
NWS wagering 86.3m
Keno 19.4m
Click to expand...

Thanks.. I also got a reply email from their investor relation so I'm fairly impress with their details email and the quick turn around.. if you got anything else can you dropped me an IM ...

Financial statement tick off
Management 1/2 tick still got some more research to do

thanks
 
Latest thoughts anyone? I'm thinking debt high, threats from the on-line gamers and regulatory risks. However, dividend looking fantastic... a good one for the SMSF?
 
Comments re: the Share Purchase Plan? Anyone yet to subscribe, thinking about subscribing or rejecting the plan?

Latest thoughts anyone? I'm thinking debt high, threats from the on-line gamers and regulatory risks. However, dividend looking fantastic... a good one for the SMSF?
Click to expand...

You're thinking is wrong...debt is not high (check their half-year report for confirmation), they have enough stored away for a rainy day not to mention the extra $300million institutions snapped up recently in the SPP, and the $150million offered to retailers will mean the go ahead required to refurbish the Casino in Sydney and possibly purchase NSW Lotteries.

As far as threats from on-line gambling, TAH recently purchased a Sydney-based company and relocated them to the NT to get in on the action. Not to mention forcing on-line gaming companies to pay TAB royalties for posting race start lineups and results. As you can imagine the they're not too happy.

As for dividend, well as all companies it's being slashed to preserve capital. TAH has slashed it by 70-80% of profits from previous benchmarks of 90-90% profit. Another precaution to preserve if and when the economy gets worse...says something about our government out on a spend-a-thon...maybe they should take lessons from the business community who are doing the opposite...
 
trading_rookie said:
Comments re: the Share Purchase Plan? Anyone yet to subscribe, thinking about subscribing or rejecting the plan?
Click to expand...

That is a very easy decision. Right now the shares are trading at $6.37 and the issue price is $5.80. You have 2 choices, sell some now at $6.37 and buy it back (5K worth) at $5.80 or just buy a new parcel at $5.80. I am doing the first choice and pocketed a 50c per share profit.
 
I fully subscribe with the SPP yesterday and then more outlay today for FLT .. bank account getting low
 
I don’t know guys, I’m still umming and arring…you sound pretty optimistic that you’ll get allocated $5K worth of shares. Having participated in a previous SSP, they’re usually over-subscribed and months later if you’re lucky you end up with the minimum offer, in TAH’s case that’ll be $500 worth of shares.

I didn’t read anywhere on the SSP that they were guaranteeing x number of shares for y existing number of shares. So as tempting as it seems selling at todays closing price of $6.41 (last week would have better at $6.59) and keeping fingers crossed that one will be allocated all the shares they’re after with the proceeds sounds too risky.

I suspect that’s what a lot of punters are doing – and what they’ve done with all the other publicly-listed companies doing a capital raising.

According to analysts however, companies like TAH that are just shoring up their positions – ie, they don’t really need the cash like CBA, which they predict will see their price head south….as I said, still umming and arring. ;-)
 
Tabcorp has extended the offer period to 5pm Wednesday 4 March 2009. There was a problem apparently with the BPay code. So if you haven't done it yet there is still time.

From Company Announcement:

----------------------------

"Since yesterday evening, shareholders who wished to use the BPAY facility that had been established to lodge their application have been unable to access the BPAY facility as the prescribed Biller Code ceased to function."

---------------------------

For further information go to the company announcement dated 27/02/2009.
 

mine went through fine Tuesday or Wednesday.. crazy to leave it so late as the money has to be in 5pm Friday and if bank stuff up the batch job they maybe too late..better off pay 2 or 3 days before hand.
 
I take it everyone is happy with the SPP ;-)

Anyone taking the plunge and buying TAH corporate bonds?
 
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