Tote Tas off the market as govt valuation proves unrealistic

Sounds a bit like the UK example I think - the Tasmanian government thought it was time to raise some money by selling off their totalisator cash cow for a large sum. But who ever they used to provide the valuation had also been on the sauce the night before. Consolidated net profit of AU$9.8m in the 2008 financial year, yet the value was supposed to be at least AU$250m, in the poorest state of Australia. Half of that would be more realistic.

No takers! Tote Tasmania sale fails

No sale 'right move' on Tote Tasmania

The second article drops last year's profit to just AU$6.5m, so it might struggle to even reach $100mill.