The Star Entertainment Group completes US$487m entitlement offer
New shares will be allotted today and will commence trading on ASX on October 20.
Australia.- The Star Entertainment Group Limited has announced it has completed a retail entitlement offer raising approximately AU$184m at AU$0.60 per new share.
The company had made a 1 for 1.65 accelerated non-renounceable entitlement offer on September 25, 2023. The capital-raising initiative also included an institutional entitlement offer and an institutional placement, which were finalised on September 27. The offer and placement generated AU$750m (S$487m).
According to the casino operator, approximately 6,700 valid applications were received for retail entitlements, amounting to roughly AU$72m and representing a take-up rate by eligible retail shareholders of approximately 39 per cent.
The company said that approximately 187 million new shares that were not taken up under the retail entitlement offer would be allotted to sub-underwriters. The new shares issued as part of the retail entitlement offer will be allotment today (October 19) and will commence trading on the ASX on a regular settlement basis from October 20, 2023. They will have equal standing with existing shares.
In its financial results for the fiscal year 2023, The Star Entertainment Group reported that its net loss grew from AU$203m in the prior year to AU$2.44bn (US$1.57bn). The company reported a 22 per cent year-on-year increase in gross revenue to AU$1.86bn (US$1.20bn) and a 34 per cent increase in EBITDA to AU$317m (US$204m).
