Tatts writes off $165m, maintains dividend
June 29, 2010
Tatts Group Limited (TTS) said it was writing off $140 million off the value of its Talarius investment in the UK, as well as taking another $25 million hit on the value of the software used by its Maxgaming business. Despite this the gamer said it would be paying a dividend not less than the final dividend paid in October last year.
Despite what Tatts said were improving conditions for Talarius through 2010, it was still struggling to overcome the GFC as well as other adverse decisions including a smoking ban.
Meanwhile, the latest UK government budget, which includes a hike in the country’s VAT to 20%, was expected to further impact the business.
Tatts said the new carrying value of Talaris was around $180 million.
At 1023 AEST, Tatts Group shares were trading down 2c to $2.23.
Despite what Tatts said were improving conditions for Talarius through 2010, it was still struggling to overcome the GFC as well as other adverse decisions including a smoking ban.
Meanwhile, the latest UK government budget, which includes a hike in the country’s VAT to 20%, was expected to further impact the business.
Tatts said the new carrying value of Talaris was around $180 million.
At 1023 AEST, Tatts Group shares were trading down 2c to $2.23.
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