William Thorburn - s.87B undertaking

On 18 July 2007, the ACCC decided that the acquisition of Golden Casket Lottery Corporation (Golden Casket) by Tattersall’s Limited (Tattersall’s) would be likely to substantially lessen competition in the market for monitoring and maintaining electronic gaming machines (EGMs) in Queensland, in breach of section 50 of the Trade Practices Act 1974.

On 20 July 2007, the ACCC accepted undertakings from Tattersall’s to remedy the ACCC’s competition concerns, and the ACCC decided not to intervene in the acquisition.

Tattersall’s undertook to:

• divest Golden Casket subsidiary, Bounty Limited (Bounty), to a purchaser approved by the ACCC within a specified timeframe;
• appoint a divestiture agent to sell Bounty if Tattersall’s is unable to sell Bounty within the specified timeframe;
• ensure that the management of Bounty is kept separate from the management of Tattersall’s until Bounty is divested;
• appoint an independent manager to manage Bounty until it is divested; and
• facilitate each Bounty director to provide a section 87B undertaking to the ACCC that he/she would:
• not use non-public Bounty information for the benefit of any person other than Bounty; and
• not participate in any Tattersall’s discussions pertaining to the monitoring and maintenance of EGMs in Queensland.

These are the undertakings provided by Bounty director William Thorburn