GSO Capital Partners LP have entered into privately negotiated binding agreements to sell 13,977,234 common shares of The Stars Group Inc. (TSX: TSGI; NASDAQ: TSG) (formerly Amaya Inc.), being all of the common shares beneficially owned by GSO Funds, $23.50 per share for gross proceeds of approximately $328.46 million.
GSO did not disclose the name of purchaser or the names of the purchasers.
Honk Kong investor, Hao Tang, has been acquiring Stars Group shares, including the purchase of 9.1 million shares from David Baazov, former founder of Amaya. As of July 6, 2017, Hao Tang, through Discovery Key Investments Limited, owned 23,724,900 Stars Group common shares, representing approximately 16.19% of the issued and outstanding common shares.
The sale do not include any Class A Convertible Preferred Shares owned by GSO Funds. The GSO Funds will continue to have beneficial ownership of, and GSO will have control or direction over, 651,060 Class A Convertible Preferred Shares of TSGI, representing approximately 57.1% of all of the issued and outstanding Class A Convertible Preferred Shares
On a partially diluted basis, assuming conversion on the date hereof of only those Preferred Shares held by the GSO Funds (but assuming no exercise, conversion or exchange of any other options, warrants or convertible securities of TSGI outstanding on the date hereof), on the basis of 147,219,717 common shares issued and outstanding on the date hereof, the GSO Funds would have beneficial ownership of, and GSO would have control or direction over, 18.03% of the issued and outstanding common shares of TSGI.
Stars Group’s other major shareholders include Caledonia (Private) Investments Pty Limited, which held 28,844,415 common shares, representing approximately 19.7% of all of the issued and outstanding common shares and Blackrock Inc., which held 263,380 Class A convertible preferred shares, representing approximately 23.1% of all of the issued and outstanding Class A Convertible Preferred Shares.
photo credit: The Stars Group