logo
Plus   Neg
Share
Email

Stars Group Enters Into Agreement With Tang Hao; Appoints Observer To Board

Stars Group Inc. (TSG, TSGI.TO) said it has entered into an agreement with Tang Hao and his affiliated entity Discovery Key Investments Limited, which currently hold 26.46 million common shares of the company, representing about 17.9 percent of the outstanding common shares of Stars Group.

In connection with that agreement, Melvin Yanmin Zhang has been appointed as an observer member of the board of directors of Stars Group as a nominee of Tang, effective immediately.

Zhang will serve as an observer until such time as he and Tang have received certain licenses and approvals from certain of Stars Group's gaming regulatory authorities, at which point he will join the board of directors as a director.

Pursuant to the agreement, Tang will continue to hold the right to nominate a director to the board of directors, subject to certain conditions, until the earlier of the day following the 2020 annual general meeting of Stars Group's shareholders and the date on which his direct and indirect ownership of Stars Group's issued and outstanding common shares falls below 10 percent.

The agreement also provides for certain standstill restrictions that will remain in effect until January 1, 2019 and that Tang will not acquire more than 20 percent of the outstanding common shares of Stars Group prior to the 2020 AGM, other than by way of a negotiated transaction approved by Stars Group board of directors or by way of formal takeover bid for all of the outstanding common shares of Stars Group.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Whole Foods Market stores have recalled Decorated Red Apple Cookies as they may contain undeclared egg. People who have an allergy or severe sensitivity to these allergens run the risk of serious or life-threatening allergic reaction if they consume these products. The cookies were sold by the... Norwex has announced voluntary recall of about 58,000 rubber brooms due to laceration hazard. According to the company, handles of the recalled brooms can break in half, exposing a metal inner rim, posing a laceration hazard to the user. The recall involves extendable indoor/outdoor white rubber... Amazon.com Inc. has expanded its AmazonFresh grocery delivery service to three new cities. Beginning today, Amazon Prime members in Houston, Minneapolis and Phoenix can shop thousands of products, ranging from meat and seafood to fresh produce and everyday essentials. The groceries will be delivered to their homes in two hours or less, with options for one-hour and two-hour delivery.
Follow RTT