I’m honestly surprised by the level of financial illiteracy here—either people can’t read a simple announcement, or they’re deliberately trying to talk down Star’s value.
Bally’s proposal consists of two key components:
1️⃣ A $250M capital raise, underwritten by Bally’s. If their stake exceeds 10%, it requires regulatory approval. If it surpasses 20%, it needs shareholder approval.
2️⃣ A convertible note issuance, where Bally’s will lend an undisclosed amount to Star. These notes can be converted into at least 50.1% of diluted ordinary shares. The final valuation hinges on the size of the issuance—effectively making the business worth twice the capital raised.
So let’s cut the misinformation—Star is worth far more than $500M.
SGR Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
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