TORONTO, June 5, 2018 /PRNewswire/ - The Stars Group Inc.
(Nasdaq: TSG; TSX: TSGI) today announced that it has elected to
effect the conversion of all of its outstanding convertible
preferred shares pursuant to their terms. On May 30, 2018, the common share price and trading
volume requirements entitling The Stars Group to mandatorily
convert the preferred shares into common shares were met and the
effective date of the mandatory conversion date will be
July 18, 2018 at the close of
business. On such date, all of the preferred shares outstanding
will be converted at a rate of approximately 52.66 common shares
per preferred share, resulting in the cancellation of all the
preferred shares and termination of all rights associated
therewith. Based on the 1,138,978 preferred shares outstanding as
of June 5, 2018 and assuming no
voluntary conversions prior to the mandatory conversion date, the
mandatory conversion would result in the issuance of approximately
59.98 million common shares.
The preferred shares were issued on August 1, 2014 at a subscription price equal to
C$24.00 per underlying common share
in connection with The Stars Group's acquisition of its Stars
Interactive Group online gaming division and the conversion ratio
of such preferred shares has increased at a rate of 3% every six
months since issuance, resulting in incremental common shares
issuable to the holders thereof upon conversion. No action by the
holders of preferred shares is required to effect the mandatory
conversion at this time, however holders of preferred shares may
elect to voluntarily convert their shares prior to the mandatory
conversion date in accordance with the terms of the preferred
shares.
About The Stars Group
The Stars Group is a leading provider of technology-based
product offerings in the global gaming and interactive
entertainment industries. The Stars Group directly or indirectly,
including through its Stars Interactive Group division, owns gaming
and related consumer businesses and brands, such as PokerStars,
PokerStars Casino, BetStars, Full Tilt, and the PokerStars Players
No Limit Hold'em Championship, European Poker Tour, PokerStars
Caribbean Adventure, Latin American Poker Tour, Asia Pacific Poker
Tour, PokerStars Festival and PokerStars MEGASTACK live poker tour
and event brands. These brands together have millions of registered
customers globally and collectively form the largest poker business
in the world, comprising online poker games and tournaments,
sponsored live poker competitions, marketing arrangements for
branded poker rooms in popular casinos in major cities around the
world, and poker programming and content created for television and
online audiences. The Stars Group, through certain of these and
other brands, also offers non-poker gaming products, including
casino and sportsbook. The Stars Group, through certain of its
subsidiaries, is licensed or approved to offer, or offers under
third party licenses or approvals, its product offerings in various
jurisdictions throughout the world, including in Europe, both within and outside of the
European Union, Australia, the
Americas and elsewhere. In particular, PokerStars is the world's
most licensed online gaming brand, holding licenses or related
operating approvals in 17 jurisdictions.
Cautionary Note Regarding Forward Looking Statements and
Other Information
This news release may contain forward-looking statements and
information within the meaning of applicable securities laws,
including, without limitation, the expected conversion of The Stars
Group's convertible preferred shares into common shares as set
forth above. Forward-looking statements can, but may not always, be
identified by the use of words such as "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "intend", "could",
"might", "would", "should", "believe", and similar references to
future periods or the negatives of these words and expressions.
These statements are based on management's current expectations and
are subject to a number of risks, uncertainties, and assumptions,
including market and economic conditions, business prospects or
opportunities, future plans and strategies, projections,
technological developments, anticipated events and trends and
regulatory changes that affect The Stars Group, its subsidiaries,
and its and their respective customers and industries. There can be
no assurance that actual results will not differ materially from
those expressed or implied in forward-looking statements. Undue
reliance should not be placed on forward-looking statements. Please
refer to The Stars Group's most recent annual information form and
annual and interim financial statements and management's discussion
and analysis for more information about the factors, assumptions
and risks that may apply to The Star's Group's forward-looking
statements. Each forward-looking statement speaks only as of the
date hereof, and The Stars Group undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by applicable law.
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SOURCE The Stars Group Inc.