News: TAH Tabcorp enters agreement with AUSTRAC to resolve Federal Court proceedings between...

Feb 16 (Reuters) - Tabcorp Holdings Ltd (TAH)

• AUSTRAC proceedings resolved
• Has entered into an agreement with AUSTRAC to resolve federal court proceedings between parties.
• Parties will seek orders from court that Tabcorp pays a penalty of $45.0 million
• parties will approach court within seven days to seek an order that tabcorp pays above amount
• AUSTRAC will withdraw remaining allegations of non-compliance.
• will make a number of admissions of non-compliance with its anti-money laundering and counter-terrorism financing obligations
• investment is scalable and transferrable, including in context of Tabcorp's proposed combination with tatts group
• AUSTRAC will withdraw remaining allegations of non-compliance.
• fy17 dividend target remains greater of 90% of npat before significant items and amortisation of victorian wagering and betting licence or 24 cents per share
• if court agrees to make orders sought, tabcorp will recognise expense in its financial statements for year ending 30 June 2017