Tabcorp Holdings Limited

Size: px
Start display at page:

Download "Tabcorp Holdings Limited"

Transcription

1 Tabcorp Holdings Limited $200 million Tabcorp Subordinated Notes investor presentation February

2 Important notices This presentation has been prepared by Tabcorp Holdings Limited (ABN ) ("Tabcorp"), in connection with the offer of Tabcorp Subordinated Notes ( Notes ) in Australia ("Offer"). The Offer is made under a prospectus which was lodged with the Australian Securities and Investments Commission ("ASIC") on 14 February 2012 ("Prospectus"). UBS AG, Australia Branch, Macquarie Capital (Australia) Limited and Westpac Institutional Bank are the Joint Lead Managers to the Offer. This presentation is provided to potential investors for the sole purpose of providing information to enable recipients to evaluate their interest in participating in the Offer. It is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security. Prospective investors should make their own independent evaluation of an investment in Notes. The information in this presentation is an overview and does not contain all the information necessary to make an investment decision or which would be required in a prospectus or other disclosure document prepared in accordance with the requirements of the Corporations Act It is intended to be a summary of certain information relating to Tabcorp and its subsidiaries (the "Group") and does not purport to be a complete description of the Group or the Offer. You should read the entire Prospectus before deciding whether to acquire Notes. This presentation has not been lodged with ASIC. The information that Tabcorp will assume responsibility for is set out in the Prospectus. This presentation is not a recommendation to acquire Notes. Nothing contained in this document constitutes investment, legal, tax, financial product or other advice. The information does not take into account the investment objectives, taxation position, financial situation or needs of any particular investor. An investment in Tabcorp is subject to investment risks including possible loss of income and principal invested. The information contained in this presentation is of a general nature and has been prepared by Tabcorp in good faith and with due care, but no representation, express or implied, is made as to correctness, quality, accuracy, timeliness, adequacy, reliability or completeness of any statements, estimates or opinions or other information contained in this presentation. To the maximum extent permitted by law, Tabcorp, the Joint Lead Managers and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the preparation of the presentation (each a "Disclaiming Party") disclaim all liability and responsibility (including without limitation any liability arising from the fault or negligence on the part of any Disclaiming Party) for any direct, indirect or consequential loss or damages which may be suffered by a recipient through the use of or reliance on anything contained or omitted from this presentation. In no event will a Disclaiming Party be liable for any such loss or damage which may be incurred or experienced on such use or reliance, even if the user has been advised of the possibility of such loss or damage. All references to $ are to Australian dollars, unless otherwise stated. 2

3 Important notices This presentation is not a prospectus or other disclosure or offering document under Australian or any other law. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security in any jurisdiction and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to any US persons (as defined in Regulation S under the US Securities Act of 1933, as amended ("US Securities Act")), and is not available to and may not be sent to persons in the United States or to US persons. Securities may not be offered or sold, directly or indirectly, in the United States, or for the account of any US person (as defined in Regulation S under the US Securities Act), unless the securities have been registered under the US Securities Act or an exemption from registration is available. The securities the subject of the Offer have not been and will not be registered under the US Securities Act or the securities laws of any state or other jurisdiction of the United States. Certain statements in this presentation may constitute "forward-looking statements". The words "anticipate", "believe", "expect", "project", "forecast", "estimate", "likely", "intend", "should", "could", "may", "target", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, financial position and performance are also forward-looking statements. Any forward-looking statements reflect the Group's expectations and speak only as of the date of the presentation. These statements may involve significant elements of subjective judgement and analysis, and assumptions as to future events which may or may not be correct. No Disclaiming Party makes any representation or warranty, express or implied, as to the fairness, accuracy, completeness, correctness, likelihood of achievement or reasonableness of any forecasts, forward-looking statements or projections contained in the presentation. Such forecast, forwardlooking statement or projection are not guarantees of future performance. Any such forecast, forward-looking statement or projection contained in the presentation has been based on current expectations about future events and is subject to significant uncertainties, risks and contingencies, many of which are outside the control of the Group, that could cause actual results to differ materially from the expectations expressed or implied. You are cautioned not to place undue reliance on forward looking statements. Except as required by law or regulation (including the ASX Listing Rules), Tabcorp undertakes no obligation to update these forward-looking statements. No person has any responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this presentation document, which may affect any matter referred to in the presentation. Any investor wishing to acquire Notes will need to complete the application form that will be attached to, or accompany, a printed or electronic copy of the Prospectus during the Offer Period. To obtain a Prospectus, interested investors should contact their broker or call the Tabcorp Offer Information Line on or visit The Corporations Act 2001 prohibits Tabcorp from processing applications for Notes in the seven day period after 14 February 2012, being the date on which the Prospectus was lodged with ASIC (the "Exposure Period"). ASIC may extend the Exposure Period by up to a further seven days (that is, up to a total of 14 days). Applications received during the Exposure Period will not be processed until after the expiry of the Exposure Period. No preference will be conferred on applications received during the Exposure Period. 3

4 Agenda Summary of Tabcorp Subordinated Notes About Tabcorp Financial information Key features of Notes and risks Offer process 4

5 Offer summary Issuer Security Offer size Use of proceeds Equity credit Offer structure Bookbuild Joint Lead Managers Listing Tabcorp Holdings Limited S&P/ASX 100 company with a market cap of approximately $2.1 billion 1 One of Australia s leading wagering, gaming and entertainment groups Tabcorp Subordinated Notes ( Notes ) Unsecured, subordinated, cumulative notes $200 million with the ability to raise more or less General corporate purposes (including the repayment of existing financial indebtedness) The Offer forms part of Tabcorp s ongoing capital management strategy Tabcorp expects that Notes will provide an amount of equity credit for one rating agency Institutional Offer, Broker Firm Offer, Securityholder Offer and General Offer Expected to take place on 21 February 2012 UBS, Macquarie Capital and Westpac Institutional Bank Notes are expected to be listed on ASX under the code TAHHB Refer to Sections 1, 2 and 6 of the Prospectus for further information about the Offer Note: 1 As at the close of trading on ASX on 13 February

6 Notes summary Issuer Security Issue price Maturity date First call date Interest payments Margin Interest deferral Change of control Ranking Tabcorp Holdings Limited Tabcorp Subordinated Notes ( Notes ) $100 per Note 22 March 2037 (year 25), unless redeemed earlier 22 March 2017 (year 5) Floating rate, unfranked cash payments Payable quarterly in arrears, subject to deferral Any deferred interest payments are cumulative and compounding Expected range of 4.00% to 4.50% pa, to be determined under the Bookbuild Equates to an initial yield of approximately 8.40% to 8.90% pa 1 Deferral Event tested by reference to two financial ratios Tabcorp redemption right, holder put Notes are subordinated debt obligations, ranking only in priority to Tabcorp s ordinary shares Refer to Sections 1, 2 and 5 of the Prospectus for further information about Notes and key risks Note: 1 Based on an illustrative 3 month Bank Bill Rate of 4.40% 6

7 Agenda Summary of Tabcorp Subordinated Notes About Tabcorp Financial information Key features of Notes and risks Offer process 7

8 About Tabcorp S&P/ASX 100 company with a market cap of approximately $2.1 billion 1 One of Australia s leading wagering, gaming and entertainment groups Unique portfolio of businesses with market leading positions Geographic diversification Operational diversification Long term licences Attractive industry structure Licensee for totalizator and fixed odds wagering in the key Australian states of NSW and Victoria Successful Keno business model in NSW and Queensland to be replicated in Victoria following award of the new Victorian Keno Licence Strong cash generating businesses and defensive earnings profile Growth expected from new investments Strong balance sheet Experienced management team with a proven track record Note: 1 As at the close of trading on ASX on 13 February

9 Market leading businesses Tabcorp is listed on ASX (ASX: TAH) and operates market leading Wagering, Media & International, Gaming and Keno businesses Wagering Media & International Gaming Keno Description Totalizator and fixed odds wagering based in Victoria and NSW under the TAB and TAB Sportsbet brands Fixed odds betting based in NT under the Luxbet brand Operates Trackside, a computer simulated racing product, in Victoria and NSW, and licences the product overseas Broadcasts thoroughbred, harness and greyhound racing on three channels plus digital media Operates Sky Sports Radio Provides wagering and pooling services in the Isle of Man via Premier Gateway International incorporated joint venture Owns and operates EGMs under the Tabaret brand in Victoria until mid- August 2012 Post mid-august 2012, Tabcorp Gaming Solutions (TGS) is scheduled to commence operations, providing full EGM service and maintenance support Operates Keno in NSW, Queensland and Victoria Profile 43.3% share of turnover (estimated) New 12 year Victorian Wagering & Betting licence 2.35m Australian homes have access to Sky Racing Export of Australian racing vision to around 30 countries Over 82,000 races pa 53.7% share of revenue 8,000 EGMs signed to TGS TGS is expected to commence mid- August 2012 New 10 year Victorian Keno licence Outlets Accounts 2,700 (approx) 300,000 (approx) 5,300 (approx) 260 (approx) 2,880 (approx) FY11 revenue 1 FY11 EBITDA 1 $1,569m $288m $179m $60m $1,077m $280m $170m $61m Licence expiry NSW 2097 NT 2015 VIC 2024 (new) VIC 2012 NSW 2022 QLD 2022 VIC 2022 (new) Note: 1 Post mid-august 2012, the business structure, financial profile and financial position of the Tabcorp Group will change due to, among other things, the expiry of the current Victorian Wagering Licence, the commencement of the Victorian Wagering and Betting Licence, the expiry of the Victorian Gaming Licence and a change in the regulatory regime in relation to the operation of EGMs in Victoria. Additional financial information regarding the nature and impact of these changes is set out in Section 4 of the Prospectus 9

10 Key strategies Strategies to continue leadership in retail and online gaming and wagering are in place Wagering Media & Int l Gaming For personal use only Keno Build on strength in retail Drive fixed odds expansion Drive online Seek to improve regulatory conditions Promote loyalty program Enhance Australian racing exposure and expand internationally Develop TGS Grow Keno Expand footprint with new formats (eg. kiosks) Deliver full suite of products Lead with world-class self-service technology Expand Trackside product in NSW Expand fixed odds offering Develop leading online presence Pursue levelling of the competitive playing field (eg. in products, taxes, fees) Grow No 1 Club leading customer loyalty program in Australian Wagering Enhance Australian racing exposure to customers Expand international pooling Drive export of Australian racing through Sky Racing, import international product Transition from a change in the regulatory regime that relates to the operation of EGMs in Victoria Enhance gaming earnings in Victoria to August 2012 Expand TGS in Victoria and establish interstate Expand distribution Expand self-service 10

11 Executing on growth opportunities Tabcorp has completed a significant transformation with the demerger of its casino business and is well positioned for growth Fixed odds betting on racing in retail NSW (launched January 2011) Significant growth in fixed odds racing revenues largely offsetting declines in totalizator revenues Trackside product in NSW (launched January 2011) Over 1,800 installations completed with sales averaging $3.6 million per week in 1H12 New Victorian Wagering and Betting Licence (commences August 2012) Will allow Tabcorp to conduct the same activities that it conducts under the current licence and allow Tabcorp to offer approved simulated racing games New Victorian Keno Licence (commences April 2012) Terms and structure are more attractive than the current licence Over 500 Victorian Keno venue sign ups to date Tabcorp Gaming Solutions (commences August 2012) Signed up over 8,000 EGMs and approximately 70% are contracted for a 10 year term 11

12 New Victorian Wagering and Betting Licence Overview Issued in December 2011 Licence for totalizator and fixed odds wagering 50/50 joint venture with Victorian Racing Industry (previously 75/25) Minimum performance obligation Licence period 12 years, commencing August 2012 At the discretion of the Minister, the licence period may be extended for a further two years Licence payment $410 million paid to Victorian Government in January

13 New Victorian Keno Licence Overview Expanded distribution into clubs and hotels Licence includes simulated racing games Over 500 Victorian Keno venue sign ups to date Licence period 10 years, commencing April 2012 Licence payment $60 million paid in FY11 13

14 Tabcorp Gaming Solutions TGS builds upon Tabcorp s core capabilities Tabcorp Gaming Solutions product offering: Supply of EGMs for duration of contract Full EGM service and maintenance support Loyalty systems and promotions facilitation Account management with dedicated account managers for large groups Funding assistance provided to TGS clients for Gaming Machine Entitlements and to facilitate business expansion Critical mass achieved with over 8,000 EGMs in Victoria Approximately 70% of sign ups are contracted for a 10 year term with no termination option Approximately 30% of sign ups are contracted for a 10 year term with a termination option after 5 years Expected EBITDA of $50 million pa for the 12 months commencing from 16 August Note: 1 The forecast financial profile for TGS set out in Section of the Prospectus is based on a number of assumptions concerning future events, including key assumptions referred to in Sections and The forecast financial profile is also subject to many of the risks identified in Section and many of the risks identified in Section 5.3. The forecasts for TGS are based on events and conditions existing at the date of the Prospectus, including those material assumptions set out in Sections and

15 Agenda Summary of Tabcorp Subordinated Notes About Tabcorp Financial information Key features of Notes and risks Offer process 15

16 For personal use only Defensive earnings and strong cashflows EBITDA 1 Operating cashflows $m $m FY2010 FY2011 1H12 0 FY2010 FY2011 1H12 Note: 1 Post mid-august 2012, the business structure, financial profile and financial position of the Tabcorp Group will change due to, among other things, the expiry of the current Victorian Wagering Licence, the commencement of the Victorian Wagering and Betting Licence, the expiry of the Victorian Gaming Licence and a change in the regulatory regime in relation to the operation of EGMs in Victoria. Additional financial information regarding the nature and impact of these changes is set out in Section 4 of the Prospectus 16

17 Tabcorp s 1H12 results In 1H12, Tabcorp recorded c.$1,574 million in revenue and c.$383 million EBITDA $m Wagering Change on pcp Media & Int l Change on pcp Victorian Gaming Change on pcp Keno Change on pcp Group 1,2 Change on pcp Revenues % % % % 1, % Variable contribution % % % % % Operating expenses (137.5) 5.3% (56.5) 4.4% (18.2) (6.7%) (18.8) 9.3% (205.8) 4.6% EBITDA % % % % % D&A (36.5) 12.3% (3.8) 17.5% (19.3) 3.2% (6.6) 20.0% (66.2) 10.3% EBIT % % % % % EBIT/Revenue (%) 15.6% 0.5% 30.4% 0.4% 23.0% 0.6% 28.5% 0.2% 20.1% 0.5% Capex % % % % % Notes: 1 Revenues and expenses do not aggregate to Group total due to intercompany eliminations between the Wagering and Media & International businesses 2 Post mid-august 2012, the business structure, financial profile and financial position of the Tabcorp Group will change due to, among other things, the expiry of the current Victorian Wagering Licence, the commencement of the Victorian Wagering and Betting Licence, the expiry of the Victorian Gaming Licence and a change in the regulatory regime in relation to the operation of EGMs in Victoria. Additional financial information regarding the nature and impact of these changes is set out in Section 4 of the Prospectus 17

18 Summary of Tabcorp s financial profile Key capitalisation metrics 1,2 Cash Total assets Interest bearing liabilities Total liabilities Total equity Key earnings and cash flow metrics 1,2 Revenue EBITDA EBIT Net operating cash flow Net interest expense Key credit ratios 3 Leverage Ratio Interest Coverage Ratio As at 31 Dec , ,970 1,317 As at 31 Dec , Pro-forma as at 31 Dec ,180 1,244 1,837 1,343 Pro-forma as at 31 Dec Pro-forma as at 31 Dec x 5.3x Notes: 1 Refer to Section 4 of the Prospectus for further financial information 2 Post mid-august 2012, the business structure, financial profile and financial position of the Tabcorp Group will change due to, among other things, the expiry of the current Victorian Wagering Licence, the commencement of the Victorian Wagering and Betting Licence, the expiry of the Victorian Gaming Licence and a change in the regulatory regime in relation to the operation of EGMs in Victoria. Additional financial information regarding the nature and impact of these changes is set out in Section 4 of the Prospectus 3 Includes further adjustments for Note issuance. Please refer to Section 4.5 of the Prospectus for further detail 18

19 Capital management Tabcorp aims to maintain a diversified debt portfolio that enables it to access a range of debt markets to meet its ongoing business requirements and investment opportunities Debt maturity profile (before issue of Notes) 2,3,4 1, The proceeds raised from the issue of Notes will be used for general corporate purposes (including the repayment of existing financial indebtedness). The Offer forms part of Tabcorp s ongoing capital management strategy As at 31 December 2011, Tabcorp had $967 million in gross debt (interest bearing liabilities) 1 and $873 million in undrawn debt facilities and cash and cash equivalents $ million Beyond Syndicated bank facility Medium term notes Tabcorp Bonds 12 month bank facility DRP underwriting agreement in place for 50% of 1H12 interim dividend Notes: 1 Pre Victorian Wagering and Betting licence payment of $410m in January Figures shown represent facility size, not drawn debt amounts 3 Tabcorp Bonds are domestic A$ retail debt securities 4 Following the Offer of Notes, Tabcorp s debt facility maturity profile would include an additional amount in the Beyond period in respect of the total funds raised under the Offer with a reduction in the drawn balance equal to the amount of net proceeds, in earlier years 19

20 Agenda Summary of Tabcorp Subordinated Notes About Tabcorp Financial information Key features of Notes and risks Offer process 20

21 Key features of Notes Interest payments First scheduled redemption date Change of control Ranking Listing Unfranked, cumulative, cash payments Floating rate, payable quarterly in arrears, subject to deferral Calculated as 3 month Bank Bill Rate + Margin Margin will be determined under the Bookbuild (expected range of 4.00% to 4.50% pa) Equates to an initial interest rate of approximately 8.40% to 8.90% pa 1 Tabcorp may redeem from 22 March 2017 (year 5) and any interest payment date thereafter Loss of equity credit for one rating agency occurs at year 5 (treated as 100% debt for ratio calculations thereafter) If a change of control event occurs, Tabcorp may redeem all Notes Holders may also request redemption Notes are subordinated debt obligations, ranking only in priority to Tabcorp s ordinary shares Application will be made for Notes to be quoted on ASX under the code TAHHB Refer to Sections 1,2 and 5 of the Prospectus for further information on Notes and key risks Note: 1 Based on an illustrative 3 month Bank Bill Rate of 4.40% 21

22 Deferral of interest Overview Tabcorp must defer an interest payment if a Deferral Event exists Deferred interest payments must be paid once a Deferral Event is no longer continuing In any event, deferred interest payments must be paid no later than 5 years from the date of initial deferral, even if a Deferral Event is continuing Deferral Event A Deferral Event exists if either: Tabcorp s Leverage Ratio is above 3.5x in relation to any two consecutive Testing Dates Relevant Gross Debt (divided by two) Relevant EBITDA is above 3.5x Tabcorp s Interest Cover Ratio is below 3.0x in relation to any Testing Date Relevant EBITDA. Relevant Net Interest Paid is below 3.0x Refer to Sections 1, 2 and 5 of the Prospectus for further information about Notes and key risks 22

23 Deferral considerations Tabcorp s track record Tabcorp s capital management strategy Tabcorp has a strong track record of prudent management of its balance sheet If Tabcorp s financial profile materially deteriorates such that it risks having an Interest Cover Ratio below the Minimum Level or a Leverage Ratio above the Maximum Level, Tabcorp intends to take one or more measures to support these financial ratios and restore its credit profile. These measures may include asset sales, equity issuance, discontinuation of certain businesses, suspension of ordinary dividends, suspension of any share buybacks and/or changes to Tabcorp s other financial policies. Refer to Section 4.5 of the Prospectus Accumulation From the date of initial deferral, any deferred interest payments are cumulative and compounding and must be paid no later than 5 years from the date of initial deferral 23

24 Leverage Ratio analysis Pro-forma historicals Leverage Ratio 6 months ended ($m) Gross Debt Less outstanding balance of Notes Relevant Gross Debt Relevant Gross Debt (divided by two) Relevant EBITDA Leverage Ratio Maximum Level for Notes Pro-forma as at 31 Dec ,244 (200) 1, x 3.5x Sensitivities Leverage Ratio 6 months ended ($m) Required decline in Relevant EBITDA¹ Required increase in Relevant Gross Debt² Pro-forma as at 31 Dec (37%) 615 (59%) Refer to Sections 4.5 and 5 of the Prospectus for further information about Notes and key risks Notes: 1 Without any changes in Relevant Gross Debt 2 Without any changes in Relevant EBITDA 24

25 Interest Cover Ratio analysis Pro-forma historicals Sensitivities Interest Cover Ratio 6 months ended ($m) Relevant EBITDA Interest paid Interest received Net Interest Paid Less interest paid on Notes Relevant Net Interest Paid Interest Cover Ratio Minimum Level for Notes Interest Cover Ratio 6 months ended ($m) Required decline in Relevant EBITDA¹ Required increase in Relevant Net Interest Paid² Pro-forma as at 31 Dec (3) 54 (9) x 3.0x Pro-forma as at 31 Dec (43%) 34 (76%) Refer to Sections 4.5 and 5 of the Prospectus for further information about Notes and key risks Notes: 1 Without any changes in Relevant Net Interest Paid 2 Without any changes in Relevant EBITDA 25

26 Comparison of Notes with Tabcorp Bonds and recent note issues Woolworths Notes II 1 Origin Energy Subordinated Notes 1 Tabcorp Subordinated Notes Tabcorp Bonds Ranking Senior only to ordinary shares Senior only to ordinary shares Senior only to ordinary shares Senior, ranks equally with Tabcorp s existing bank facilities and other debt Maturity date 2 25 years (2036) 60 years (2071) 25 years (2037) 5 years (2014) Scheduled call dates Year 5 and interest payment dates thereafter Year 5 and interest payment dates thereafter Year 5 and interest payment dates thereafter Not applicable Interest payments Unfranked, floating rate, quarterly cash payments in arrears Unfranked, floating rate, quarterly cash payments in arrears Unfranked, floating rate, quarterly cash payments in arrears Unfranked, floating rate, quarterly cash payments in arrears Interest deferral Optional deferral of interest Optional and mandatory deferral of interest Mandatory deferral of interest No deferral of interest Change of control Issuer call, holder put linked to rating Issuer call, 500bps coupon step-up linked to other listed securities Issuer call, holder put Holder put linked to rating Listing ASX ASX ASX ASX Notes: 1 Information regarding Woolworths Notes II and Origin Energy Subordinated Notes is sourced from documents published by Woolworths Limited and Origin Energy Limited. Tabcorp takes no responsibility for that information and investors should read those documents for information regarding those securities 2 Unless redeemed earlier 26

27 Key risks associated with Notes These and other risks associated with Notes, the market and Tabcorp are discussed in more detail in Section 5 of the Prospectus. All potential investors should review the risks outlined in the Prospectus and not rely on this presentation Change in interest rate The interest rate is calculated by reference to the Bank Bill Rate, which is influenced by a number of factors and may fluctuate over time. As the interest rate fluctuates, there is a risk that interest payments may become less attractive compared to the rates of return available on other securities or alternative investments. Notes are long-dated securities Notes will mature on 22 March Although Tabcorp may redeem Notes in certain circumstances prior to such date, Tabcorp is under no obligation to do so (except in certain circumstances following a Change of Control Event). Notes are subordinated obligations There is a risk that there may be a shortfall of funds to pay all amounts ranking senior to and equally with Notes if Tabcorp is wound up. This would result in Holders not receiving a full return, or potentially receiving no return, of capital or any Interest Payments due and unpaid at that time. Deferral of Interest Payments Deferral of Interest Payment is likely to have an adverse effect on the market price of Notes. If the Tabcorp Group s financial condition deteriorates to the extent that its Interest Cover Ratio risks falling below or close to the Minimum Level (being 3.0 times) or its Leverage Ratio risks rising above or close to the Maximum Level (being 3.5 times), this may increase the expectation that Interest Payments may be deferred which is likely to have an adverse affect on the market price of Notes. Deferral may also be disadvantageous to Holders from a cash flow timing perspective. As a result, the market price of Notes may become more volatile than the market prices of other debt securities that are not subject to such payment deferral rights. Tabcorp may redeem Notes under certain circumstances Tabcorp may redeem Notes in certain circumstances. The redemption amount may be less than the current market value of Notes at the time of redemption. The timing of the redemption of Notes may not accord with a Holder s individual financial circumstances or tax position. Limited right for Holders to request or require redemption Holders have no right to require redemption of their Notes before the Maturity Date except if a Change of Control Event occurs and Tabcorp does not elect to redeem the Notes. No limitation on issuing senior or equal ranking securities There are no restrictions on Tabcorp issuing equal or senior ranking securities or the incurrence of any such other debt obligations which may reduce the amount (if any) recoverable by Holders if Tabcorp is wound up. Risks related to the market generally The market price of Notes may fluctuate and trade below the Issue Price. The market for Notes may be less liquid than the market for Tabcorp s Ordinary Shares. Holders who wish to sell their Notes may be unable to do so at an acceptable price, if at all. 27

28 Key risks associated with Tabcorp These and other risks associated with Notes, the market and Tabcorp are discussed in more detail in Section 5 of the Prospectus. All potential investors should review the risks outlined in the Prospectus and not rely on this presentation Regulation and changes to the regulatory environment The activities of the Tabcorp Group are conducted in a highly regulated environment and depend to a significant extent on, amongst other things, the licences granted to the Tabcorp Group and third parties and government policy. Changes in legislation, regulation or government policy may have an adverse impact on the Tabcorp Group s operational and financial performance. Deregulation and issues around retail exclusivity The development and advancement of technology and the deregulation of wagering advertising laws has contributed to the growth in market share of corporate bookmakers which compete with Tabcorp. There is also uncertainty over the enforceability of aspects of retail exclusivity in both Victoria and New South Wales as a result of court proceedings. NSW Wagering Licences exclusivity The exclusivity period relating to Tab s licences to operate totalizators and conduct fixed odds betting in New South Wales expires in June The potential licensing of additional totalizator and/or fixed odds operators in New South Wales is a risk factor. Race field fees Each State or Territory of Australia (except for the Northern Territory) has implemented race fields arrangements, which are charged to wagering operators. Changes to race fields fees may increase the expenses incurred by the Tabcorp Group. Disciplinary action and cancellation of wagering, gaming and other licences In certain situations, the licences and authorisations that have been granted to members of the Tabcorp Group may be suspended, cancelled or terminated. Compliance risks Any failure by members of the Tabcorp Group to meet compliance requirements may increase the Tabcorp Group s exposure to a compliance failure, which may lead to the loss of gambling or wagering licences, in addition to other civil or criminal penalties. Racing product The Tabcorp Group s wagering division is reliant on the relevant racing industries providing a program of events for the purposes of wagering. Competition Gaming and wagering activities compete with other consumer products for consumers discretionary expenditure. Minimum financial performance arrangements under new Victorian JV Minimum performance arrangements will apply in favour of the Victorian racing industry in respect of the financial years ending 30 June 2013, 30 June 2014 and 30 June Sky Channel arrangements The Tabcorp Group may be unable to renegotiate certain of its key broadcast arrangements or may be unable to renegotiate such broadcast arrangements on satisfactory terms. 28

29 Agenda Summary of Tabcorp Subordinated Notes About Tabcorp Financial information Key features of Notes and risks Offer process 29

30 Offer structure Institutional Offer Broker Firm Offer Securityholder Offer General Offer For Institutional investors who have been invited by UBS to bid for Notes under the Bookbuild For Australian resident retail clients of Syndicate Brokers who have received a firm allocation under the Bookbuild 1.00% selling fee payable on Broker Firm allocations For eligible holders of Tabcorp ordinary shares and Tabcorp Bonds resident in Australia For members of the general public resident in Australia 30

31 Indicative timetable Key dates for the Offer 1,2 Lodgement of Prospectus with ASIC Bookbuild to determine the Margin Announcement of the Margin and Opening Date of the Offer Closing Date of the Securityholder Offer and General Offer Closing Date of the Broker Firm Offer Issue Date Notes begin trading on ASX (on a deferred settlement basis) Notes begin trading on ASX (on a normal settlement basis) 14 February February February pm on 14 March am on 21 March March March March 2012 Note: 1 The key dates and times for the Offer are indicative only and may change without notice 2 References to time are to Melbourne time 31

32 Key contacts Tabcorp Damien Johnston (Chief Financial Officer) Joint Lead Managers Jacqui Vanzella Scott Favaloro Kelvin Barry Barry Sharkey Dean O Hara Allan O Sullivan Matthew Carr Further information Information Line Website or (for overseas callers) (Monday to Friday 8.30am to 5.30pm) 32

33 33

Tabcorp Holdings Limited (ABN 66 063 780 709) Tabcorp Holdings Limited (ABN 66 063 780 709)

Tabcorp Holdings Limited (ABN 66 063 780 709) Tabcorp Holdings Limited (ABN 66 063 780 709) 1 Tabcorp Holdings Limited (ABN 66 063 780 709) Tabcorp Holdings Limited (ABN 66 063 780 709) Wagering segment of the gambling market Tabcorp has improved market share in a highly competitive environment

More information

COMMONWEALTH BANK OF AUSTRALIA Retail Entitlement Offer Booklet

COMMONWEALTH BANK OF AUSTRALIA Retail Entitlement Offer Booklet COMMONWEALTH BANK OF AUSTRALIA NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES SYDNEY, 17 AUGUST 2015: Attached is a copy of the retail entitlement offer booklet in connection with the retail component

More information

Tabcorp to pursue demerger to create two leading gaming companies

Tabcorp to pursue demerger to create two leading gaming companies NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS 18 October 2010 Tabcorp to pursue demerger to create two leading gaming companies Summary Tabcorp will pursue a demerger of its Casinos

More information

RESULTS FOR ANNOUNCEMENT TO THE MARKET TABCORP RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2015

RESULTS FOR ANNOUNCEMENT TO THE MARKET TABCORP RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2015 Tabcorp Holdings Limited ACN 063 780 709 4 February 2016 To: Australian Securities Exchange Market Announcements 20 Bridge Street Sydney NSW 2000 5 Bowen Crescent Melbourne Australia 3004 GPO Box 1943

More information

Macquarie Contracts for Difference

Macquarie Contracts for Difference Macquarie Contracts for Difference Product Disclosure Statement 15 JUNE 2015 Macquarie Bank Limited. ABN 46 008 583 542. Australian Financial Services Licence No. 237502. 1 This PDS This product disclosure

More information

EQUITY RAISING ANNOUNCEMENT

EQUITY RAISING ANNOUNCEMENT EQUITY RAISING ANNOUNCEMENT MARKET RELEASE 21 NOVEMBER 2012 KEY POINTS Entitlement Offer to Raise up to A$80 million o 3 for 10 accelerated non renounceable entitlement offer to raise up to A$80 million

More information

Bendigo and Adelaide Bank Retail Bonds Series 1

Bendigo and Adelaide Bank Retail Bonds Series 1 Bendigo and Adelaide Bank Retail Bonds Series 1 Offer Document Issuer Bendigo and Adelaide Bank Limited (ABN 11 068 049 178) Date of Offer Document: 22 February 2011 This Offer Document is not a prospectus

More information

CommBank Retail Bonds Series I Tranche A

CommBank Retail Bonds Series I Tranche A Series I Tranche A Offer Document Issuer Commonwealth Bank of Australia ABN 48 123 123 124 Sole Arranger and Bookrunner Commonwealth Bank of Australia Joint Lead Managers Citigroup Global Markets Australia

More information

For personal use only

For personal use only TABCORP HOLDINGS LIMITED ABN 66 063 780 709 ( The Company ) ANNUAL GENERAL MEETING 29 OCTOBER 2015 CHAIRMAN S ADDRESS AND MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER S ADDRESS CHAIRMAN S ADDRESS Introduction

More information

Information Memorandum. Option Enhanced Investment Loan.

Information Memorandum. Option Enhanced Investment Loan. Information Memorandum Option Enhanced Investment Loan. IMPORTANT NOTICES This document is an Information Memorandum (IM) dated 7 March 2011 and relates to the issue of Option Enhanced Investment Loans

More information

Facilitating debt raising

Facilitating debt raising REGULATORY GUIDE 213 Facilitating debt raising May 2012 About this guide This guide is for listed entities, their advisers and investors involved in offers of quoted corporate bonds or convertible notes.

More information

MYOB Finance Australia Limited ACN 161 013 654 Registered office: Level 3, 235 Springvale Road, Glen Waverley, VIC 3150

MYOB Finance Australia Limited ACN 161 013 654 Registered office: Level 3, 235 Springvale Road, Glen Waverley, VIC 3150 MYOB Finance Australia Limited ACN 161 013 654 Registered office: Level 3, 235 Springvale Road, Glen Waverley, VIC 3150 16 September 2013 Market Announcements Office ASX Limited MYOB 2013 interim results

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

More information

UBS Diversified Fixed Income Fund Product Disclosure Statement

UBS Diversified Fixed Income Fund Product Disclosure Statement 12 October 2015 UBS Diversified Fixed Income Fund Product Disclosure Statement Issue No. 3 ARSN: 090 428 372 APIR: SBC0007AU MFUND: UAM06 Issued by UBS Global Asset Management (Australia) Ltd ABN 31 003

More information

15 May 2009. Yours sincerely. James Baulderstone Company Secretary Santos Limited

15 May 2009. Yours sincerely. James Baulderstone Company Secretary Santos Limited Santos Ltd ABN 80 007 550 923 60 Flinders Street Ground Floor, Santos Centre Adelaide South Australia 5000 GPO Box 2455 Adelaide South Australia 5001 Telephone: 08 8116 5000 15 May 2009 Please find attached

More information

RaboDirect Notice Saver Account Product Disclosure Statement

RaboDirect Notice Saver Account Product Disclosure Statement RaboDirect Notice Saver Account Product Disclosure Statement 11 June 2015 RaboDirect products, including the RaboDirect Notice Saver Account, are offered by Rabobank Australia Limited ABN 50 001 621 129,

More information

The reasons for the Directors recommendation are set out in detail in the Scheme Booklet.

The reasons for the Directors recommendation are set out in detail in the Scheme Booklet. ASX Announcement: Calliden Group Limited (CIX) 31 October 2014 Scheme Booklet registered with ASIC Calliden Group Limited ( Calliden ) (ASX:CIX) announces today that the Australian Securities and Investments

More information

Analytic Global Managed Volatility Fund Macquarie Professional Series Product Disclosure Statement

Analytic Global Managed Volatility Fund Macquarie Professional Series Product Disclosure Statement Investment Management 1 July 2014 Analytic Global Managed Volatility Fund Analytic Global Managed Volatility Fund Macquarie Professional Series Product Disclosure Statement This Product Disclosure Statement

More information

If you decide not to participate in the Buy-Back you are not required to take any action and your Shareholding in IBC will not change.

If you decide not to participate in the Buy-Back you are not required to take any action and your Shareholding in IBC will not change. Chairman's letter Dear Shareholder Buy-Back Booklet At Ironbark Capital Limited s (IBC) General Meeting held on 30 April 2015, shareholders approved an equal access off-market share buy-back of issued

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 A.B.N. 90 168 653 521 Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 Appendix 4E - Preliminary Financial Report For the year ended 30 June 2015 Preliminary Report This preliminary

More information

prospectus Sole Global Coordinator and Joint Lead Manager Joint Lead Managers

prospectus Sole Global Coordinator and Joint Lead Manager Joint Lead Managers nine entertainment co. prospectus a prospectus The Offer contained in this Prospectus is an invitation for you to apply for fully paid ordinary shares ( Shares ) in Nine Entertainment Co. Holdings Limited

More information

IPH LIMITED IPH LAUNCHES A$60 MILLION UNDERWRITTEN INSTITUTIONAL PLACEMENT AND SHARE PURCHASE PLAN

IPH LIMITED IPH LAUNCHES A$60 MILLION UNDERWRITTEN INSTITUTIONAL PLACEMENT AND SHARE PURCHASE PLAN ASX Announcement Tuesday, 24 November 2015 Company Announcements Office ASX Limited Level 4, 20 Bridge Street Sydney, NSW 2000 IPH LIMITED IPH LAUNCHES A$60 MILLION UNDERWRITTEN INSTITUTIONAL PLACEMENT

More information

Share Purchase Plan (SPP)

Share Purchase Plan (SPP) Macquarie Group Limited (ASX: MQG) MARCH 2015 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES MACQUARIE GROUP LIMITED ACN122169 279 This is an important document offering eligible shareholders the

More information

Conditions on Publication and Use of GRV Race Fields. 1 July 2013

Conditions on Publication and Use of GRV Race Fields. 1 July 2013 Conditions on Publication and Use of GRV Race Fields 1 July 2013 Introduction Pursuant to section 2.5.19B of the Gambling Regulation Act 2003 (VIC) ( Act ), a wagering service provider, unless exempted

More information

Fat Prophets Separately Managed Account

Fat Prophets Separately Managed Account Fat Prophets Separately Managed Account Part A Models and fees Product Disclosure ment Dated: 1 July 2013 Separately Managed Accounts ARSN 114 818 530 Praemium Australia Limited ABN 92 117 611 784 Australian

More information

THE TRUST COMPANY LIMITED SCHEME BOOKLET

THE TRUST COMPANY LIMITED SCHEME BOOKLET 16 October 2013 THE TRUST COMPANY LIMITED SCHEME BOOKLET We attach the Scheme Booklet lodged with the Australian Securities and Investments Commission in relation to scheme of arrangement to effect the

More information

EQT Australian Equity Income Fund (Common Fund No. 12)

EQT Australian Equity Income Fund (Common Fund No. 12) EQT Australian Equity Income Fund (Common Fund No. 12) Product Disclosure Statement mfund EQY02 ARSN 167 772 830 APIR ETL0399AU Issue Date 1 July 2014 This Product Disclosure Statement ( PDS ) has been

More information

Luxbet CASH OUT TERMS AND CONDITIONS ( Luxbet Cash Out T&Cs )

Luxbet CASH OUT TERMS AND CONDITIONS ( Luxbet Cash Out T&Cs ) Luxbet CASH OUT TERMS AND CONDITIONS ( Luxbet Cash Out T&Cs ) 1. WHAT IS LUXBET CASH OUT AND HOW DO I USE IT? 1.1 What is Luxbet Cash Out? Luxbet Cash Out is a function that allows Eligible Participants

More information

The risks and benefits of shares

The risks and benefits of shares Course 3 The risks and benefits of shares Topic 1: The risks of shares... 3 The risks of shares... 3 The risk of capital loss... 3 Volatility risk... 4 The risk of poor quality advice... 4 Time for your

More information

For personal use only

For personal use only d ASX Announcement NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 30 March 2015 Slater and Gordon executes agreement to acquire Quindell s Professional Services Division and launches A$890m accelerated

More information

Magellan Global Equities Fund (Managed Fund) ARSN 603 395 302 ASX Code MGE

Magellan Global Equities Fund (Managed Fund) ARSN 603 395 302 ASX Code MGE Magellan Global Equities Fund (Managed Fund) ARSN 603 395 302 ASX Code MGE Product Disclosure Statement 25 February 2015 Issued by Magellan Asset Management Limited ABN 31 120 593 946, AFS Licence No.

More information

ANZ ETFS PHYSICAL US DOLLAR ETF. (ASX Code: ZUSD)

ANZ ETFS PHYSICAL US DOLLAR ETF. (ASX Code: ZUSD) ANZ ETFS PHYSICAL US DOLLAR ETF (ASX Code: ZUSD) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ

More information

Results Presentation for Year Ended 30 June 2015 25 August 2015

Results Presentation for Year Ended 30 June 2015 25 August 2015 Results Presentation for Year Ended 30 June 2015 25 August 2015 Rene Sugo CEO Agenda Corporate Profile Financial Summary Business Overview TNZI Acquisition Update FY16 Roadmap 2 Corporate Profile 3 Corporate

More information

Vanguard MSCI Index International Shares ETF ASX code: VGS

Vanguard MSCI Index International Shares ETF ASX code: VGS Product Disclosure Statement 8 October 2014 Vanguard MSCI Index International Shares ETF ASX code: VGS Contents 1. Key features of the ETF offer 2. Role of certain entities in regard to the Vanguard ETF

More information

Murray Goulburn Co-operative Co. Limited. C Class Preference Shares - Buy-back Offer Document

Murray Goulburn Co-operative Co. Limited. C Class Preference Shares - Buy-back Offer Document Murray Goulburn Co-operative Co. Limited C Class Preference Shares - Buy-back Offer Document C Class Preference Shares Buy-back Offer Document This is an important document and requires your immediate

More information

Walter Scott Global Equity Fund (Hedged) Macquarie Professional Series Product Disclosure Statement

Walter Scott Global Equity Fund (Hedged) Macquarie Professional Series Product Disclosure Statement Investment Management 1 July 2014 Walter Scott Global Equity Fund (Hedged) Walter Scott Global Equity Fund (Hedged) Macquarie Professional Series Product Disclosure Statement This Product Disclosure Statement

More information

SHINE CORPORATE LTD. 2013 Annual Results

SHINE CORPORATE LTD. 2013 Annual Results SHINE CORPORATE LTD 2013 Annual Results Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Shine Corporate

More information

Nufarm Finance (NZ) Limited Annual Report For the year ended 31 July 2013

Nufarm Finance (NZ) Limited Annual Report For the year ended 31 July 2013 Nufarm Finance (NZ) Limited Annual Report For the year ended 31 July 2013 NUFARM FINANCE (NZ) LIMITED 1 Contents 2 Directors report 3 Company directory 4 Corporate governance 5-6 Auditor s report 7 Statement

More information

THE HOME OF BETTING William Hill PLC corporate presentation September 2015

THE HOME OF BETTING William Hill PLC corporate presentation September 2015 THE HOME OF BETTING William Hill PLC corporate presentation September 2015 1 Disclaimer This presentation has been prepared by William Hill PLC ( William Hill ). This presentation includes statements that

More information

Share Purchase Plan 2014

Share Purchase Plan 2014 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS Sydney, 1 August 2014 Share Purchase Plan 2014 Aristocrat Leisure Limited (Company) (ASX: ALL) announced

More information

Chapter 5 2013/14. Heading

Chapter 5 2013/14. Heading Chapter 5 2013/14 Heading A Database On Australia s Gambling Industry Published and Prepared by the Australasian Gaming Council (AGC). DISCLAIMER Whilst a great deal of care has been taken in the preparation

More information

Whitehaven Equity Income Fund

Whitehaven Equity Income Fund Whitehaven Equity Income Fund ARSN: 166 733 133 Product Disclosure Statement Dated 6 January 2014 Whitehaven Private Portfolios Ltd Investment Manager and Responsible Entity ABN 64 109 808 577; AFSL 300878

More information

ANZ ETFS S&P/ASX 100 ETF. (ASX Code: ZOZI)

ANZ ETFS S&P/ASX 100 ETF. (ASX Code: ZOZI) ANZ ETFS S&P/ASX 100 ETF (ASX Code: ZOZI) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ ETFS,

More information

INDEX. Page. Directory 3. Important Notice 4. Background 6. The Waratah Structure 8. Summary of Terms 8. The Issuer 9. Commercial Paper Notes 9

INDEX. Page. Directory 3. Important Notice 4. Background 6. The Waratah Structure 8. Summary of Terms 8. The Issuer 9. Commercial Paper Notes 9 A$5,000,000,000 Asset Backed Commercial Paper Programme Servicing Agent & Sponsor Dealers Commonwealth Bank of Australia Macquarie Bank Limited Westpac Banking Corporation August 2009 INDEX Page Directory

More information

BT Balanced Equity Income Fund

BT Balanced Equity Income Fund BT Balanced Equity Income Fund Product Disclosure Statement (PDS) Issued 26 September 2012 Contents 1 About BT Investment Management (RE) Limited 2 How the BT Balanced Equity Income Fund works 3 Benefits

More information

Acquisitions and Entitlement Offer

Acquisitions and Entitlement Offer Acquisitions and Entitlement Offer Simon Morrison, Managing Director Craig Thompson, Chief Financial Officer Shine Corporate Limited 12 June 2014 DISCLAIMER This presentation has been prepared by Shine

More information

For personal use only

For personal use only Acquisition of THG Expanding into Queensland April 2015 Disclaimer This Document should not be considered as an offer or invitation to subscribe for or purchase any securities in OTOC Limited ( OTOC or

More information

Vanguard MSCI Index International Shares (Hedged) ETF ASX code: VGAD

Vanguard MSCI Index International Shares (Hedged) ETF ASX code: VGAD Product Disclosure Statement 8 October 2014 Vanguard MSCI Index International Shares (Hedged) ETF ASX code: VGAD Contents 1. Key features of the ETF offer 2. Role of certain entities in regard to the Vanguard

More information

EUROCASTLE INVESTMENT LIMITED

EUROCASTLE INVESTMENT LIMITED NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN Information Memorandum dated 28 May 2009 THIS INFORMATION MEMORANDUM IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

More information

TABCORP HOLDINGS LIMITED ABN 66 063 780 709 ( The Company ) AMERICAN CHAMBER OF COMMERCE BUSINESS BRIEFING 29 AUGUST 2013

TABCORP HOLDINGS LIMITED ABN 66 063 780 709 ( The Company ) AMERICAN CHAMBER OF COMMERCE BUSINESS BRIEFING 29 AUGUST 2013 TABCORP HOLDINGS LIMITED ABN 66 063 780 709 ( The Company ) AMERICAN CHAMBER OF COMMERCE BUSINESS BRIEFING 29 AUGUST 2013 DAVID ATTENBOROUGH, MANAGING DIRECTOR AND CEO ADDRESS A new ball game: Tabcorp

More information

Financial Services Guide

Financial Services Guide Financial Services Guide Phillip Capital Limited AFSL No. 246827 - ABN 14 002 918 247 Phillip Capital Trading Pty Ltd AFSL No. 246796 - ABN 68 066 066 911 (together Phillip Capital ) Purpose of the Financial

More information

For personal use only

For personal use only ASX Announcement G8 Education Limited (ASX:GEM) 26 March 2014 Capital raising to fund continued growth in G8 G8 Education Limited (ASX: GEM) recently announced that it had undertaken an issue of shares

More information

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS ARSN 602 666 615 Annual Financial Report for the period 10 November 2014 to 30 June 2015 BetaShares Geared U.S. Equity Fund

More information

Initial Public Offering of Ordinary Shares in Trade Me Group Limited

Initial Public Offering of Ordinary Shares in Trade Me Group Limited Investment Statement and Prospectus dated 9 November 2011 Initial Public Offering of Ordinary Shares in Trade Me Group Limited Lead Manager and Organising Participant Co-Lead Managers Co-Managers Important

More information

Rating Action: Moody's affirms ISAGEN's Baa3 Issuer rating and changed the outlook stable Global Credit Research - 15 May 2015

Rating Action: Moody's affirms ISAGEN's Baa3 Issuer rating and changed the outlook stable Global Credit Research - 15 May 2015 Rating Action: Moody's affirms ISAGEN's Baa3 Issuer rating and changed the outlook stable Global Credit Research - 15 May 2015 New York, May 15, 2015 -- Moody's Investors Service changed today the rating

More information

Mortgage schemes improving disclosure for retail investors

Mortgage schemes improving disclosure for retail investors REGULATORY GUIDE 45 Mortgage schemes improving disclosure for retail investors September 2008 About this guide This is a guide for responsible entities, compliance committees, compliance plan auditors,

More information

Sportingbet Plc. Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012.

Sportingbet Plc. Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012. Unaudited results for the half year ended 31 January 2012 Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012. Group Financial

More information

PACIFIC ENERGY LIMITED POWER GENERATION

PACIFIC ENERGY LIMITED POWER GENERATION PACIFIC ENERGY LIMITED POWER GENERATION 2015 RESULTS PRESENTATION August 2015 ASX: PEA Important Notice and Disclaimer This presentation has been prepared by (PEL) for information purposes only. This presentation

More information

DIVERSIFIED UNITED INVESTMENT LIMITED

DIVERSIFIED UNITED INVESTMENT LIMITED DIVERSIFIED UNITED INVESTMENT LIMITED ABN 33 006 713 177 LEVEL20 TEL (613) 9654 0499 101 COLLINS STREET FAX (613) 9654 3499 MELBOURNE VIC 3000 AUSTRALIA 10 October 2014 The Manager ASX Market Announcements

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF)

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) SPDR ETFs 9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment

More information

Spectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market

Spectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market Market capitalization $b Spectrum Insights Damien Wood, Principal JUNE 9, 2015 Corporate bonds often provides investors with an income stream that is above deposit rates, but less risky than dividends

More information

Risk Explanation for Exchange-Traded Derivatives

Risk Explanation for Exchange-Traded Derivatives Risk Explanation for Exchange-Traded Derivatives The below risk explanation is provided pursuant to Hong Kong regulatory requirements relating to trading in exchange-traded derivatives by those of our

More information

International Accounting Standard 32 Financial Instruments: Presentation

International Accounting Standard 32 Financial Instruments: Presentation EC staff consolidated version as of 21 June 2012, EN EU IAS 32 FOR INFORMATION PURPOSES ONLY International Accounting Standard 32 Financial Instruments: Presentation Objective 1 [Deleted] 2 The objective

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

Recall Holdings Limited 31 December 2013 Trading Update

Recall Holdings Limited 31 December 2013 Trading Update Document Management Solutions Secure Destruction Services Data Protection Services Recall Holdings Limited 31 December 2013 Trading Update February 19 th 2014 Presenters: CEO - Doug Pertz, CFO - Mark Wratten

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

ANZ Fixed Income Fund Product Disclosure Statement. 1 April 2014

ANZ Fixed Income Fund Product Disclosure Statement. 1 April 2014 ANZ Fixed Income Fund Product Disclosure Statement 1 April 2014 Contents 1. About ANZ Trustees 2 2. How the ANZ Fixed Income Fund works 2 3. Benefits of investing in the ANZ Fixed Income Fund 3 4. Risks

More information

Recommended Offer for Alliance & Leicester. 14 July 2008

Recommended Offer for Alliance & Leicester. 14 July 2008 Recommended Offer for Alliance & Leicester 4 July 008 Disclaimer This document does not constitute an offer to sell, or an invitation to subscribe for or purchase, any securities or the solicitation of

More information

TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2618)

TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2618) The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever

More information

TRADING TERMS AND CONDITIONS

TRADING TERMS AND CONDITIONS TRADING TERMS AND CONDITIONS 11 JULY 2014 IMPORTANT NOTICE These terms and conditions must be read in conjunction with our Financial Services Guide (FSG), the Application and, if you are approved for the

More information

The Options Clearing Corporation

The Options Clearing Corporation PROSPECTUS M The Options Clearing Corporation PUT AND CALL OPTIONS This prospectus pertains to put and call security options ( Options ) issued by The Options Clearing Corporation ( OCC ). Certain types

More information

Module 6 Fixed income ETFs

Module 6 Fixed income ETFs Module 6 Fixed income ETFs Course #: Title Topic 1: I want exposure to bonds... 3 What are bonds?... 3 The bond market is diverse... 3 Bond prices... 4 What makes a bond's price change?... 4 More information...

More information

Investor Pack for 2014-15 Half Year Results. 20 February 2015

Investor Pack for 2014-15 Half Year Results. 20 February 2015 Investor Pack for 2014-15 Half Year Results 20 February 2015 1 Disclaimer This investor presentation ( Presentation ) has been prepared by Konekt Limited (ACN 009 155 971) ( KKT or Konekt ). SUMMARY INFORMATION

More information

RESULTS FOR ANNOUNCEMENT TO THE MARKET TABCORP PRELIMINARY FINAL REPORT FOR THE FULL YEAR ENDED 30 JUNE 2015

RESULTS FOR ANNOUNCEMENT TO THE MARKET TABCORP PRELIMINARY FINAL REPORT FOR THE FULL YEAR ENDED 30 JUNE 2015 Tabcorp Holdings Limited ACN 063 780 709 13 August 2015 To: Australian Securities Exchange Market Announcements Office 20 Bridge Street Sydney NSW 2000 5 Bowen Crescent Melbourne Australia 3004 GPO Box

More information

Update following the publication of the Bank of England Stress Test. 16 December 2014

Update following the publication of the Bank of England Stress Test. 16 December 2014 Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

Access Transparency Income Exchange Traded Bond Units

Access Transparency Income Exchange Traded Bond Units FIXED INCOME FOR ALL INVESTORS Access Transparency Income Exchange Traded Bond Units Exchange Traded Bond Units (XTBs) offer a new and exciting fixed income investment opportunity for all investors. XTBs

More information

Tetragon Financial Group Limited ( TFG )

Tetragon Financial Group Limited ( TFG ) Tetragon Financial Group Limited ( TFG ) 12 August 2014 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY OF TFG. THIS INFORMATION

More information

Credit Suisse Tailored Loan and Options Facility Terms and Conditions

Credit Suisse Tailored Loan and Options Facility Terms and Conditions Dated 4 June 2013 Issued by Credit Suisse Investment Services (Australia) Limited (ABN 26 144 592 183 AFSL 370450) Credit Suisse Tailored Loan and Options Facility Terms and Conditions 1. OPTIONS FACILITY...

More information

$250,000,000 AEGON N.V. (a Netherlands public company with limited liability) Floating Rate Perpetual Capital Securities

$250,000,000 AEGON N.V. (a Netherlands public company with limited liability) Floating Rate Perpetual Capital Securities Prospectus Supplement (To Prospectus dated May 20, 2005) $250,000,000 23MAY200515574389 AEGON N.V. (a Netherlands public company with limited liability) Floating Rate Perpetual Capital Securities We are

More information

ARCH CAPITAL ADVISORS

ARCH CAPITAL ADVISORS ARCH CAPITAL ADVISORS TERM SHEET Mezzanine Debt This term sheet does not constitute an offer and is solely for discussion purposes. This term sheet shall not be construed as creating any obligations on

More information

For personal use only

For personal use only MYOB Group Limited ABN 61 153 094 958 MYOB Group Limited Prospectus Initial Public Offer of Ordinary Shares Financial Adviser Joint Lead Managers Supplementary Prospectus MYOB Group Limited ABN 61 153

More information

T+2 Settlement. Frequently Asked Questions. Date: February 2015. Broker Trades Message Specification. (November 2007) SX Market Information

T+2 Settlement. Frequently Asked Questions. Date: February 2015. Broker Trades Message Specification. (November 2007) SX Market Information T+2 Settlement Frequently Asked Questions Broker Trades Message Specification Date: February 2015 (November 2007) SX Market Information Information Solutions from the Source 2015 ASX Operations Pty Limited

More information

BlackRock Global Bond Index Fund Product Disclosure Statement

BlackRock Global Bond Index Fund Product Disclosure Statement BlackRock Global Bond Index Fund Product Disclosure Statement Dated: 1 July 2014 BlackRock Global Bond Index Fund ARSN 090 168 193 BlackRock Investment Management (Australia) Limited ABN 13 006 165 975

More information

For personal use only

For personal use only 29 September 2014 Dear Shareholder Lynas Corporation Limited Renounceable Pro Rata Entitlement Offer On 29 September 2014, Lynas Corporation Limited (Lynas) announced that it was conducting an underwritten,

More information

George Savvides Managing Director

George Savvides Managing Director George Savvides Managing Director Macquarie Australia Conference, 8 May 2015 IMPORTANT NOTICE The information contained in this presentation is for information purposes only. The information contained

More information

Intertrust N.V. announces the indicative price range, offer size, start of offer period and publication of prospectus of its planned IPO

Intertrust N.V. announces the indicative price range, offer size, start of offer period and publication of prospectus of its planned IPO This press release and the information contained herein are not for distribution in or into the United States of America (including its territories and possessions, any state of the United States of America

More information

EQT Diversified Fixed Income Fund

EQT Diversified Fixed Income Fund EQT Diversified Fixed Income Fund Product Disclosure Statement ARSN 601 989 815 APIR ETL0420AU Issue Date 10 August 2015 This Product Disclosure Statement ( PDS ) has been prepared and issued by Equity

More information

PRODUCT DISCLOSURE STATEMENT

PRODUCT DISCLOSURE STATEMENT PRODUCT DISCLOSURE STATEMENT 1 JULY 2014 HIGHLOW MARKETS PTY LTD ACN: 143 553 628 +61 (0) 2 9186 9162 Level 14, Macquarie House, 167 Macquarie Street, Sydney, NSW 2000, Australia Copyright. Audax Legal

More information

American Express Fixed Income Presentation. May 2008 Update

American Express Fixed Income Presentation. May 2008 Update American Express Fixed Income Presentation May 2008 Update Agenda AXP Overview Performance AXP Capital & Funding Management 2 Company Overview American Express is a leading global payments and travel company

More information

6 % Information booklet. Retail Bond Offer fi xed to December 2020. The Paragon Group of Companies PLC. www.paragon-group.co.uk/group/retail-bond

6 % Information booklet. Retail Bond Offer fi xed to December 2020. The Paragon Group of Companies PLC. www.paragon-group.co.uk/group/retail-bond Information booklet The Paragon Group of Companies PLC 13 February 2013 6 % Retail Bond Offer fi xed to December 2020 Lead Manager and Offeror Canaccord Genuity Limited Authorised Offerors Barclays Stockbrokers

More information

Macquarie Bank Rewards Program. Terms and Conditions

Macquarie Bank Rewards Program. Terms and Conditions Macquarie Bank Rewards Program Terms and Conditions Effective December 2012 1 Contents 1. When do these Terms and Conditions apply to me? 31 2. How does the Macquarie Bank Rewards Program work? 3 3. Rewards

More information

Financial Services Guide Part 1

Financial Services Guide Part 1 Financial Services Guide Part 1 Version 12, 30 JUNE 2014 This Financial Services Guide ( FSG ) has been authorised for distribution by the authorising licensee: Magnitude Group Pty Ltd ( Magnitude ) ABN

More information

Consultation Paper on Facilitating Bond Offerings to Retail Investors

Consultation Paper on Facilitating Bond Offerings to Retail Investors CONSULTATION PAPER P020-2014 September 2014 Consultation Paper on Facilitating Bond Offerings to Retail Investors PREFACE MAS is proposing changes to the regulatory regime for bond offerings. The proposals

More information

CONTRACTS FOR DIFFERENCE

CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE Halifax Investment Services Limited Australian Financial Services Licence No. 225973 Date 20th October 2014 HALIFAX Product Disclosure Statement 1

More information

Acquisition of Taiwan Broadband Communications. Macquarie International Infrastructure Fund Limited (MIIF)

Acquisition of Taiwan Broadband Communications. Macquarie International Infrastructure Fund Limited (MIIF) Acquisition of Taiwan Broadband Communications Macquarie International Infrastructure Fund Limited (MIIF) 10 July 2007 Disclaimer Disclaimer Macquarie International Infrastructure Fund Limited (MIIF) is

More information

A research study issued by the ASX and Russell Investments. Investing Report FULL REPORT / JUNE 2012

A research study issued by the ASX and Russell Investments. Investing Report FULL REPORT / JUNE 2012 A research study issued by the ASX and Russell Investments Long-Term Investing Report FULL REPORT / JUNE 2012 Helping everybody invest intelligently by offering a deeper insight into investment markets

More information

Downer Group 2014 Full Year Results. 5 August 2014

Downer Group 2014 Full Year Results. 5 August 2014 Downer Group 2014 Full Year Results 5 August 2014 Financial overview Earnings Net Profit After Tax (NPAT) $216.0 million, up 5.9%1 Earnings Before Interest and Tax (EBIT) $341.1 million, down 4.9% 1 Return

More information