Jun 11 , 2018 / By :

The group now runs lotteries in every state and territory except Western Australia.TATTS has won the operating rights for South Australia’s lottery and keno service for the next 40 years at a cost of $427 million, giving it an almost clean sweep of the lotteries business in Australia.
Nanjing Night Net

Tatts said the deal would lift lottery earnings before interest, tax, depreciation and amortisation to more than $300 million in the year to June 2014, up from $224 million last year, and would immediately lift earnings per share.

“It continues our track record of securing higher-margin lottery franchises with longer-term arrangements,” said departing chief executive Dick McIlwain.

The lotteries business will be the company’s biggest earner after the loss of its poker machine duopoly in Victoria in August. Tatts now operates every state and territory lottery apart from Western Australia, which is still run by the state government.

Tatts said the Queensland and New South Wales lotteries would double its EBITDA within four years of taking over these businesses, and expects the acquisition of the South Australian lottery to ”produce broadly similar outcomes”.

”The company’s strategy of consolidating state-owned and Tatts’ lottery operations continues to drive significant operating efficiencies and benefits from a single lottery operating system,” said chairman Harry Boon.

South Australian Treasurer Jack Snelling said the Tatts group had paid substantially more than the government’s $400 million reserve price for the licence to run lottery and keno services from December 10, 2012.

Mr Snelling said while the government would forgo the annual $20 million dividend paid by Lotteries SA, it would still get about $60 million in gambling taxes each year from the sale of lottery products.

Mr McIlwain steps down at the end of the year and will be replaced by Wotif chief Robbie Cooke.

This story Administrator ready to work first appeared on Nanjing Night Net.

Jun 11 , 2018 / By :

NUCOAL Resources has won approval from its shareholders to raise fresh equity but uncertainty over the outcome of the New South Wales corruption inquiry hangs over the company’s projects.
Nanjing Night Net

At the annual meeting in Sydney yesterday resolutions were passed allowing NuCoal to issue new shares, up to an additional 25 per cent, although chief executive Glen Lewis said the company was ”well funded through until 2014” after raising $35.3 million earlier this year, and should soon receive an injection of about $7 million from Japanese farm-in partner Mitsui Matsushima.

The NSW Independent Commission Against Corruption is investigating the grant of coal permits by the previous Labor state government, including over the Doyles Creek project, and there are calls they should be revoked, which were rejected on the weekend by Premier Barry O’Farrell.

Mr Lewis said NuCoal had recently lodged a renewal application for the Doyles Creek Exploration Licence (EL) 7270 with the Department of Mining.

Asked by one shareholder whether the corruption inquiry could have an impact on the renewal, Mr Lewis said while the EL was granted on 15 December 2008 and was valid for four years, there was no ”sunset clause”.

”[The EL] remains in force while ever you have a valid renewal application before the government.

”In my experience, of 33 years in the industry, I’ve seen EL renewals normally take 6 months … the worst case would be 18 months. So it’s business as usual, you just continue to follow the conditions of the EL, while the government go through the renewal process.”

One analyst, speaking off the record, said there was no suggestion NuCoal’s board or shareholders had done anything wrong, comparing their acquisition of the Doyles Creek tenement to a used car deal.

”They’ve bought a car. Did they buy a stolen car from somebody else? We don’t know that yet.”

NuCoal shares closed down 0.5¢ or 4.3 per cent to 11¢ on Tuesday.

This story Administrator ready to work first appeared on Nanjing Night Net.