We are absolutely focused on improving and returning to suitability in NSW and Queensland. We want The Star to be known for being transparent, accountable and trustworthy. A values-led company with robust governance. A company where our team members feel safe and free to raise concerns wherever arising, and leaders listen and act when those concerns are raised.
We have commenced the journey but there’s work still to do and everyone needs to contribute. Our remediation program will embed an all-encompassing cultural and compliance mindset across the business to enable it to meet societal and regulatory expectations as a responsible corporate citizen. The goal is to enable a safe environment free from the risk of criminal infiltration and the negative impacts of gambling harm where our team members, guests and communities can all thrive, and we maintain strong relationships with our regulators and governments.
If you have any further questions, we invite you to contact us.
6 July 2023 – Board Renewal Update
22 March 2023 – Appointment of Chairman
15 December 2022 – Board Renewal Update (David Foster)
13 December 2022 – ASIC Proceedings and Board Renewal
11 November 2022 – Board Renewal Update
31 October 2022 – Resignation of Director (Gerard Bradley)
12 September 2022: Nawal Silfani – Appointed as additional Company Secretary (subject to regulatory approvals)
15 August 2022: Anne Ward and David Foster – Announced as Non-Executive Directors (subject to regulatory approvals)
11 July 2022: Michael Issenberg – Appointed Non-Executive Director
23 May 2022: Ben Heap – Appointed Interim Chairman
03 April 2023 – Executive Team Update
13 February 2023 – Appointment of Scott Saunders as Chief Risk Officer (subject to regulatory approvals)
28 December 2022 – Appointment of Chief Financial Officer
02 November 2022: Betty Ivanoff appointed as Chief Legal Officer (subject to regulatory approvals)
13 October 2022: Managing Director & CEO commencement date
26 September 2022: Ben Heap appointed Interim Executive Chairman
24 August 2022: Scott Saunders – Announced as Chief Risk Officer (subject to regulatory approvals and commencement date to be confirmed)
09 August 2022: Paula Hammond – Appointed Chief People & Performance Officer
29 June 2022: Robert Cooke – Announced as Managing Director and Chief Executive Officer (subject to regulatory approvals and commencement date to be confirmed)
15 September 2022
MESSAGE FROM BEN HEAP TO SHAREHOLDERS, TEAM MEMBERS AND GUESTS
As Interim Chairman of The Star Entertainment Group, I have spent the past few days carefully considering the contents and findings of the Report prepared by Mr Adam Bell SC with respect to our Sydney business.
This Report makes for difficult reading; we acknowledge its findings and recommendations and the gravity of the matters as set out in the Report. We also acknowledge the public criticism of our governance, behaviours and culture, including by the NSW Independent Casino Commission Chief Commissioner, Mr Philip Crawford. We have fallen short of expectations. The people of NSW placed their trust in us as the holder of a casino license, and we have not lived up to that trust. For that we offer a sincere and unreserved apology.
Over the coming days, we are working to respond to the notice from the NSW Independent Casino Commission as to why we should be able to continue to operate. We are taking stock of our existing programs, the changes made to date, and planned initiatives. We recognise the seriousness of the matters raised by Mr Bell and Mr Crawford and we are determined to address them and to do so with urgency.
In the meantime, I want to share with you our immediate priorities.
It is clear from the Report that we need to fundamentally transform our culture. We need more transparency, more robust governance, and greater accountability. At its heart, we need to be a workplace where our team members feel free to raise concerns, where we have open and honest dialogue with our regulators and Independent Monitor, and where our leadership is both vigilant and listens when concerns are raised. We need to ask not only “Can we?”, but “Should we?”, and act swiftly where there is an issue. I accept that there have been times we’ve been arrogant and closed off to criticism. That will not be the case in the future.
Our goal is to earn back your trust and the trust and confidence of the NSW Independent Casino Commission, and indeed all our regulators. I recognise that we won’t be judged by our words, but by our actions. You have my commitment, and that of my fellow directors and senior management team, that we will do everything in our power to make the necessary improvements.
We are developing and will implement a comprehensive remediation plan, which we refer to as our Renewal Plan, to serve as the Company’s integrated roadmap for improving our governance, culture and controls. We will not only fix the issues raised in the Report but will examine and address their root causes. Given the extent and breadth of the issues raised, our Renewal Plan is a multi-year plan, to fully address and embed the fundamental changes required in all aspects of our business.
Examples of actions we’ve taken to date include introducing stronger controls, enhancing our regulatory compliance functions and training, adding new members to our Board, rebuilding our senior leadership team, separating our Risk and Legal functions, hiring a new Chief Risk Officer, and voluntarily appointing an Independent Monitor to oversee our progress.
We acknowledge there is much more to be done and we will do it working constructively and transparently with the NSW Independent Casino Commission, our other regulators, and our Independent Monitor.
As we transform our business, we will share our progress via this webpage.
We are fully committed to the long term, to transform The Star for the better for our 18 million annual guests, our 8,000 team members and almost 75,000 shareholders.
In the spirit of openness and transparency, I hope to answer whatever questions you may have after reading this and as we move forward – you can reach me at firstname.lastname@example.org.
The Star Entertainment Group
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.