The Star’s view of sustainability is broad and focuses on building business capacity and delivering continuous improvement in the management of environmental, societal and governance issues. The Star sustainability strategy, ‘Our Bright Future’ groups our objectives and targets into four key pillars:
In January 2020, The Star Entertainment Group released ‘Beyond 2020, The Star’s Sustainability Action Plan’ to support the delivery of the Sustainability Strategy pillars. The Star’s Beyond 2020 Sustainability Action Plan highlights our achievements to date, material issues, priorities, commitments and future targets aligned to the United Nations Sustainable Development Goals and Targets.
In 2020, The Star Entertainment Group begun to use the United Nations Sustainable Development Goals (SDGs) as a guide and roadmap toward 2030 to better understand how our ESG strategies and programs contribute to the global Agenda for Sustainable Development. The process of aligning our efforts with the SDGs forms part of our annual materiality assessment. The Star’s most recent materiality assessment aligns our contribution with 14 of the 17 SDGs and our initiatives, objectives and targets can be found in our Beyond 2020 Sustainability Action Plan.
In 2020, The Star started the process of embedding the SDGs and Targets into our reporting processes for the first year, and this is our first summary of contribution.
To formalise the Group’s alignment with global sustainable development frameworks, in February 2021 the Group joined as a signatory to the Global Compact Network Australia (GCNA) in support of the United Nations Global Compact (UNGC). The GCNA is the Australian business-led initiative of the UNGC where member organisations pledge to support and align their strategies and operations with the Ten Principles on Human rights, Labour, Environment and Anti-corruption and the SDGs. In line with membership requirements, the Group will release its first ‘Communication of Progress’ within the 2021 Sustainability Report and will also include an annual summary of contribution towards the SDGs
The Star’s sustainability strategy is underpinned by a structured materiality assessment process to identify potential material environmental, social and governance issues relevant to our business and industry.
The material issues identified as important to The Star Entertainment Group and its stakeholders were incorporated into the objectives of ‘Our Bright Future’ in addition to existing controls, policies and programs.
Upholding human rights is fundamental to our business and underpins all that we do for our people, our guests, our partners and our communities. It is reflected through each of our values and is at the heart of our business. That’s why we have not called it out as a specific issue to be included in the assessment process.
In 2021, material issues have been mapped against the United Nations Sustainable Development Goals and Targets and will be reported against in the 2021 Sustainability Report.
In addition to considering global standards and frameworks as part of the materiality process, this year the impacts of COVID-19 on the business were also considered. Through the assessment process, COVID-19 events have not been regarded as additional material issues, but instead something which impacts all or at least many of the already identified issues. The outcomes of the material issue prioritisation, and relative importance on the matrix therefore considered COVID-19.
The Star Entertainment Group announced on 5 April 2016 share sale facilities that provided eligible small shareholders the opportunity to sell their shares without incurring any brokerage or handling costs.
Participation in the separate share sale facilities were open to eligible shareholders whose registered address was in Australia or New Zealand as at 7.00pm (Sydney time) on 29 March 2016 (Record Date) and who were:
On 5 April 2016, eligible shareholders were sent a letter together with a Share Retention Form (for the Small Holding Sale Facility) or a Sale Instruction Form (for the Voluntary Share Sale Facility), and Terms and Conditions for the relevant share sale facility.
Both share sale facilities closed at 5:00pm (Sydney time) on 17 May 2016 (Closing Date).
All participants who had their SGR shares sold under either the Small Holding Sale Facility or the Voluntary Share Sale Facility received the same average price of $5.51 per share, which was calculated by dividing the total proceeds from the sale of all SGR shares sold under the facilities by the total number of SGR shares sold under the facilities.
Payment of the sale proceeds were made to participating shareholders on 27 May 2016 in accordance with their payment instructions as recorded on the share register.
Small Holding Sale Facility
The Small Holding Sale Facility was conducted in accordance with The Star Entertainment Group’s Constitution and the Australian Securities Exchange Listing Rules that enables all listed companies to sell shareholdings valued at less than $500 (Unmarketable Parcel).
Based on a share price of $5.68, being the closing price of The Star Entertainment Group (SGR) shares on the Australian Securities Exchange on the Record Date, an Unmarketable Parcel was any holding of 88 shares or less.
Eligible shareholders who wished to retain their Unmarketable Parcel were required to return a Share Retention Form to the share registry by the Closing Date.
Small Holding Facility Key Dates:
Voluntary Share Sale Facility
The Voluntary Share Sale Facility was conducted in accordance with Class Order CO 08/10 issued by the Australian Securities and Investment Commission.
Eligible shareholders who wished to sell their shares under the Voluntary Share Sale Facility were required to return a Sale Instruction Form by the Closing Date.
Voluntary Holding Facility Key Dates:
For full details of the Small Holding Sale Facility and the Voluntary Share Sale Facility, please see the ASX Announcement dated 5 April 2016 in the News section of our website.
The demerger of The Star Entertainment Group (formerly known as Echo Entertainment Group Limited) from Tabcorp Holdings Limited (Tabcorp) was implemented on 15 June 2011 by way of Scheme of Arrangement pursuant to the Tabcorp Scheme Booklet dated 15 April 2011 (Demerger).
As part of the Demerger, Tabcorp sought a ruling from the Australian Taxation Office on the taxation implications for shareholders. On 29 June 2011, the Australian Taxation Office issued Class Ruling CR 2011/66, in accordance with the application made by Tabcorp. A copy of the Class Ruling CR 2011/66 can be viewed here.
A Tax Calculator is provided below to assist shareholders in calculating the Australian capital gains tax cost base allocation for Tabcorp shares and The Star Entertainment Group shares. The Tax Calculator is a general guide only and does not constitute tax advice. Shareholders should seek advice from an appropriate professional adviser on the tax implications of the Demerger based on their own individual circumstances.