Expenses were down 0.7 per cent. Tabcorp says it is conducting a $300 million share placement amongst institutional investors at a fixed price of $5.80 per share, representing a 9.9 per cent discount to its closing price on Wednesday, January 28. That will be followed by a share purchase plan at the same price, with maximum subscriptions of $5,000 per eligible shareholder. Tabcorp said it reserved the right to scale back applications if they exceed $150 million in total. The capital raising is intended to strengthening Tabcorp's balance sheet and to provide additional financial flexibility, while the company expands Sydney's Star City casino.