SYDNEY (AFX) - Gambling group Tattersall's has won in-principle court approval for its restructure, clearing one of the final obstacles to what will be Australia's biggest float this year at more than 2 bln aud, The Age newspaper reported.

It said the Supreme Court of the Australian state of Victoria gave in-principle approval for the trust to be converted into a company, subject to final documentation being presented at a hearing on April 28.

Tattersall's, a 124-year-old private trust, had originally been targeting a listing last year, but is now aiming for July.

The Age said Goldman Sachs JBWere and Macquarie Bank are working on a 13th draft of the prospectus that is expected to be issued in June.

It said while float conditions have deteriorated, Tattersall's is unlikely to be overly concerned because it is offering only a modest 14.3 pct stake in the new company.

Its main motivation in listing is to allow more scope to raise funds and reassure government that it is a transparent organization worthy of holding gambling licences.

(1 usd = 1.30 aud)

bruce.hextall@xfn.com

blh/tr

Backers Goldman Sachs JBWere and Macquarie Bank are working on a 13th draft of the prospectus that is expected to be issued in June.

But while float conditions have deteriorated, Tattersall's is unlikely to be overly concerned because it is offering only a modest 14.3 per cent stake in the new company.

Its main motivation in listing is to allow more scope to raise funds and reassure government that it is a transparent organisation worthy of holding gambling licences. But the Ron Brierley-backed investment vehicle Rattoon will be hoping its pre-listing offer to beneficiaries to buy $100 million worth of units in Tattersall's will be boosted by the uncertain conditions.

"If you are nervous, take cash. And we've cost cash," Rattoon chairman Hugh Henderson told The Australian yesterday.

The offer, if fully taken up, would give Rattoon a 4 per cent stake in the listed company.

Mr Henderson said early responses to the offer had been encouraging. "We've had a number of responses from advisers and beneficiaries directly and we are in discussions with them."

In the Supreme Court, Justice Philip Mandie gave in-principle approval for the trust to be converted into a company, subject to final documentation being presented at a hearing on April 28.

"It is an important decision and we