Guinness Peat Group

Rattoon Limited (44.8%)GPGRattoon is listed on the National Stock Exchange of Australia and is currently negotiating to move to anASX Listing. Other major shareholder is Thorney Group with 43.6%.Rattoon is a single purpose holding company – it currently holds 75.3 million shares in TattersallsLimited.This represents the single largest holding at 5.95%, with a current market value of $A340m. This stake was purchased at an average cost of $3.31 versus the current TTS share price of $4.50.Rattoon is a leveraged play on TTS, which itself is a reasonably low-risk low-volatility gaming group.A 10% movement in the TTS share price equals a 17% movement in Rattoon.At $4.50 for TTS the transparent price for Rattoon is $0.43 per share.Current market value of GPG investment $92m.The book value of RTN for GPG is $0.27 p.s.15