Published: 10 July 2014
The judgment relates to Tabcorp's claim for a payment of $686.83 million from the State of Victoria. The judgment found in favour of the State of Victoria.
Tabcorp's claim is that the State of Victoria was obliged to make the payment to Tabcorp in August 2012, when Tabcorp's Gaming and Wagering Licences expired and new licences were granted. The claim is based on a statutory provision included in legislation from 1994 when the State privatised the Victorian TAB and listed Tabcorp on the Australian Securities Exchange. Tabcorp's initial public offering (IPO) was underpinned by this statutory entitlement, the terms of which were clearly set out in the prospectus.
For more information:
Financial analysts: Daniel Renshaw, GM Investor Relations, 02 9218 1113
Media: Nicholas Tzaferis, GM Corporate Affairs, 03 9868 2529
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