Star Entertainment Group shareholders have overwhelmingly voted in favor of an AU$300 million (US$195 million) rescue proposal by US casino operator Bally’s Corp and local investor Investment Holdings.
At a General Meeting held on Wednesday morning, 99.36% of eligible shareholders gave their approval for the acquisition of relevant interests by Bally’s Corp and 99.17% for the acquisition of relevant interests by Investment Holdings. They also approved the allotment and issue of convertible notes that, if converted into shares, will see Bally’s and Investment Holdings each hold more than 20% of Star’s issued shares and more than 50% when aggregated.
The rescue proposal has been widely touted as the last option for Star to avoid administration after a series of alternate proposals fell by the wayside earlier this year.
