Australia’s Star Entertainment Group will issue new shares worth a combined AU$11.9 million (US$8.3 million) to its controlling shareholders, Bally’s Corp and Investment Holdings Pty Ltd, in lieu of interest owed on the convertible notes previously issued, pending shareholder approval.
The company has included the issue of new shares as two items to be voted upon by shareholders at the upcoming Annual General Meeting, to be held on Tuesday 27 October at The Star Sydney.
If approved, Bally’s Corp will receive around 62.6 million Star shares value at AU$7.03 million – lifting its stake in Star from 37.67% currently to 38.01%.
Investment Holdings Pty Ltd would receive 43.4 million shares and raise its interest in the company from 23.16% to 23.44%.
The shares, which will further dilute the company’s share count, are to be issued at AU$0.1123 each.
The 2026 AGM will also see Star’s newly appointed directors, including Bally’s Corp Chairman Soo Kim, go up for election. The five directors that shareholders are being asked to elect are Soo Kim, Bally’s President and CEO George Papanier and independent directors Don Pasquariello, Brooke Lindsay and Grant Bowie.
This year’s AGM represents the first since Bally’s Corp and Investment Holdings Pty Ltd officially assumed control of the company late last year.
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