{"id":777047786,"date":"2026-09-24T09:21:37","date_gmt":"2026-09-24T12:21:37","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777047786"},"modified":"2026-09-24T14:02:38","modified_gmt":"2026-09-24T17:02:38","slug":"the-star-seeks-shareholder-approval-for-us8-4m-share-settlement","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-star-seeks-shareholder-approval-for-us8-4m-share-settlement","title":{"rendered":"The Star seeks shareholder approval for US$8.4m share settlement"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Bally\u2019s and Investment Holdings would receive 62.57m and 43.35m shares respectively under the proposed settlement.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Australia.- <strong>The Star Entertainment Group<\/strong> has scheduled its <strong>2026 annual general meeting (AGM)<\/strong> for October 27, with shareholders set to consider a proposed issue of more than <strong>105.9m shares<\/strong> to <strong>Bally\u2019s<\/strong> and <strong>Investment Holdings<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposed shares would settle payment-in-kind (PIK) interest liabilities that remained after the two investors\u2019 principal debt was repaid in November 2025. Bally\u2019s is owed an estimated A$7.03m (US$4.94m) in PIK interest, while Investment Holdings has an estimated liability of A$4.87m (US$3.42m). The amounts accrue interest at 9 per cent a year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Star is proposing to issue 62.57m shares to Bally\u2019s Nominee and 43.35m to Investment Holdings at A$0.1123 per share. The company said settling the liabilities with shares would preserve cash and liquidity rather than require a cash payment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposed transactions require shareholder approval under ASX Listing Rule 10.11 because of the investors\u2019 existing interests in The Star. If both resolutions are approved, Bally\u2019s stake would increase from 37.67 per cent to about 38.01 per cent, while Investment Holdings\u2019 holding would rise from 23.16 per cent to approximately 23.44 per cent, based on their latest substantial shareholding notices before the AGM notice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company expects to issue the shares on the day after the meeting or as soon as practicable, subject to approval. Because the PIK liabilities continue to accrue interest until settlement, a delay could result in additional shares being required.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The AGM will also see the election of five directors: Bally\u2019s nominees <strong>Soo Kim and George Papanier<\/strong>, and independent directors <strong>Don Pasquariello<\/strong>, <strong>Brooke Lindsay and Grant Bowie<\/strong>. Shareholders will also vote on CEO and managing director Bruce Mathieson Jnr\u2019s performance rights.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another resolution seeks to extend The Star\u2019s proportional takeover provisions for another three years to October 27, 2029. The provisions were last renewed in November 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The AGM will take place at The Star Sydney\u2019s <strong>Sydney Event Centre<\/strong> in Pyrmont and will also be available online. Shareholders must be recorded on the register by 10am Sydney time on October 25 to vote.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<div id=\"see-also-container\">\n\t\t\t<span class=\"see-also-label\">See also:<\/span><\/p>\n<div class=\"related-article\">\n\t\t\t\t<img decoding=\"async\" class=\"related-article__thumbnail\" src=\"https:\/\/focusgn.com\/asia-pacific\/wp-content\/uploads\/sites\/5\/2026\/07\/3b2d3e60-1c7e-4486-8111-aa7b17744d12-300x200.jpg\" alt=\"\"><\/p>\n<p class=\"related-article__text\">\n\t\t\t\t\t<span class=\"see-also-label-strong\">See also:<\/span> <a href=\"https:\/\/focusgn.com\/asia-pacific\/the-star-cuts-quarterly-ebitda-losses\">The Star cuts quarterly EBITDA losses<\/a>\n\t\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>Bally\u2019s and Investment Holdings would receive 62.57m and 43.35m shares respectively under the proposed settlement.<\/p>\n","protected":false},"author":2395,"featured_media":777029335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group's upcoming AGM will consider a proposed issuance of over 105.9m shares to Bally's and Investment Holdings to settle A$11.9m in payment-in-kind (PIK) interest liabilities, preserving The Star's cash liquidity. This transaction, requiring shareholder approval under ASX Listing Rule 10.11, will slightly increase the stakes of both major investors and includes the election of five directors and a vote on extending proportional takeover provisions.","focusai_entities":"The Star Entertainment Group, Bally's, Investment Holdings, Bally's Nominee, Soo Kim, George Papanier, Don Pasquariello, Brooke Lindsay, Grant Bowie, Bruce Mathieson Jnr","focusai_location":"Australia, Sydney, Pyrmont","focusai_target_profile":"ceo_executive (0.9), regulator (0.75), compliance_legal (0.9), operator_casino (0.85), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Cash Preservation Impact","query":"What are the long-term implications for The Star's capital expenditure and operational flexibility by settling PIK liabilities via share issuance rather than cash?"},{"label":"Governance & Control Shifts","query":"How might the increased stakes of Bally's and Investment Holdings, coupled with new director appointments, influence The Star's strategic direction and operational autonomy?"}],"footnotes":""},"categories":[16336,163,24628,158],"tags":[289,29,24619],"class_list":["post-777047786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","category-highlight-of-the-week","category-slider-home","tag-australia","tag-casino","tag-finance"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777047786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2395"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777047786"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777047786\/revisions"}],"predecessor-version":[{"id":777047804,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777047786\/revisions\/777047804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777029335"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777047786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777047786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777047786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}