Next dividend payment, page-26

Yes, I shouldn't have used the term renewal. Rather the tender process will consider all comers. My point being the NSW, QLD and SA licences are worth much more than the current market cap. All listed are exclusive for about 10 years and 20 years for QLD. The problem being that the proportional gap between enterprise value and licence value will close if the WA licence is bought for $1B. Better not to bid and start putting out feelers to those bidding (mentioned in article) to acquire tabcorp.

Tabcorp have shown they are not cutting the mustard when it comes to online competition and they need to get a bid for these valuable licences ASAP. The problem being the executive team will be tempted to wait and build some attractive compensation schemes for themselves. Unfortunately this is a case where the interests of management and shareholders diverge.

Though I will note management has bought over $2M on market which does help align their interests to some degree.