going up??, page-6

TAH is trading on the loss of the Victorian gaming licence revenue and this reflects on current multiples. When the effect of the loss of the licence hits the revenue stream in 2012 the P/E will increase to more 'normal' market levels.

I think it is still attractive for the dividends until 2012 but the revenue will reduce once the licence is lost. It will be interesting to see how TAH tackles the loss of revenue and whether they pursue some acquisitions to diversify their income stream.

It is a tough road for companies like TAH as they are very heavily regulated and I know I was caught out by the Vic government taking the gaming licence away from TAH. It basically halved the share price.

I still hold for the dividends but unless there is some significant work done by management to develop new revenue streams this one will be scrapped when the revenue dries up.