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it has also not explained in the necessary detail how the revenues stemming from the tote would be distributed to the various components of the horseracing industry, let alone the specific purposes for which the revenues would be used.
it has also not explained in the necessary detail how the revenues stemming from the tote would be distributed to the various components of the horseracing industry, let alone the specific purposes for which the revenues would be used.
la valoración llevada a cabo por el consorcio, que partía de un activo «stand-alone» del bb de 50 a 70 millones eur.
den av konsortiet genomförda bedömningen som utgick från ett stand alone-förmögenhetsvärde för bb på 50 till 75 miljoner eur.
in respect of the time after the transitional period of seven years, it has to be borne in mind that pool betting will be organised in a different way and not necessarily by the tote (alone).
in respect of the time after the transitional period of seven years, it has to be borne in mind that pool betting will be organised in a different way and not necessarily by the tote (alone).
it was also argued that market forces alone did not ensure a fair distribution of revenues between all stakeholders of the racing sector (race course owners, horse breeders, etc.).
it was also argued that market forces alone did not ensure a fair distribution of revenues between all stakeholders of the racing sector (race course owners, horse breeders, etc.).
cf. por ejemplo la página 9 del ya mendionado informe de goldman sachs del 22 de julio de 2002: «si estas obligaciones retrocediesen del rango de inversión del mercado de rentabilidad fija al rango especulativo, es decir de alto rendimiento, inundarían el mercado europeo actual de obligaciones de rendimiento elevado (…) [y] creemos que para los inversores europeos sería difícil absorber la totalidad de las obligaciones de france télécom». ( ‘if these bonds moved from the investment grade segment of the fixed income market, to “junk”, i.e. high yield, they would swamp the current european high yield market(…) [and] we believe it would be difficult for the existing european investor base alone to absorb all france telecom bonds ’.)
se till exempel sidan 9 i den tidigare nämnda rapporten från goldman sachs av den 22 juli 2002: ”om obligationerna på marknaden för fast ränta hade klassats om från hög kreditvärdighet till spekulation med hög avkastning skulle de översvämma dagens europeiska marknad med obligationer med hög avkastning (…) [och] vi anser att de europeiska investerarna skulle få svårigheter att absorbera alla france télécoms obligationer”. ( ”if these bonds moved from the investment grade segment of the fixed income market, to ’junk’, i.e. high yield, they would swamp the current european high yield market(…) [and] we believe it would be difficult for the existing european investor base alone to absorb all france telecom bonds ”.)