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TOTE TASMANIA (SALE) BILL 2009 BILL 17 OF 2009

                        TOTE Tasmania (Sale) Bill 2009

                                   Fact Sheet

The TOTE Tasmania (Sale) Bill 2009 provides for:

    ·   the Treasurer to have the necessary authority and powers to divest the
        whole or any part of TOTE Tasmania. This will provide certainty to
        potential bidders during the sale process.

    ·   the Treasurer to sell the shares in TOTE Tasmania or the business of
        TOTE Tasmania;

    ·    the Treasurer to have regard to the achievement of a fair and reasonable
        sale price;

    ·   the Treasurer to facilitate the sale by entering in to contracts, giving
        directions to TOTE and amending the constitution of TOTE;

    ·   the protection of employee entitlements in respect of long service leave
        and the RBF contributory scheme;

    ·   transitional arrangements for the business and arrangements for
        employees if the business is sold;

    ·    part of TOTE Tasmania or part of a subsidiary of TOTE Tasmania to be
        transferred into Crown ownership upon sale completion if they are not
        sold;

    ·    the Auditor-General to review the sale of TOTE after completion and
        report to Parliament on this review;

    ·    TOTE Tasmania and the Government to disclose all information to
        bidders, and ensures that existing commercial documents are not
        terminated as a result of the sale process; and

    ·    normal governance arrangements to apply to the business until the sale
        is completed.

Passing the Bill will provide Parliamentary support for divestment of TOTE
Tasmania and will also facilitate the sale process and provide certainty to all the
parties involved.
 
 

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