Australian Lottery Beneficiaries Named - Sunday 12th of June 2005

"One of the most closely guarded secrets of Australian gambling has finally been revealed with the naming of the Tattersall's beneficiaries, a select group of families who have grown rich on the proceeds of the gaming empire.

"The 593 chief beneficiaries, many of them direct descendants of Tattersall's founder George Adams, have reaped hundreds of millions of dollars in annual dividends from the group.

"Tattersall's is preparing to be listed as a public company, giving each of the beneficiaries a lucrative stake in the $2.1billion empire.

"Topping the rich list is Mr Adams's great-grand-nephew William Adams, whose combined holding of 26.7million shares will be worth more than $80million if the company lists at its expected price of about $3 a share.

"Also prominent are the Playoust family from Sydney. Their holding of more than 25million shares through two investment companies will give them a windfall of more than $75million at the expected issue price.

"Tattersall's trustee David Jones, who chairs the Melbourne Cricket Club and is a director of the Grand Prix Corporation, is also revealed as a beneficiary.

"The beneficiaries shared a dividend of $118.6million last financial year and will receive a cut of a special one-off distribution of $250million in addition to a regular payment of $123.7million before the float in early July.

"Until yesterday the identity of the beneficiaries remained fiercely protected by the Tattersall's trust, despite calls for the company to be more transparent with its accounts"

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