Struggling gambling company The Star (ASX:SGR) has been suspended from trading on the ASX after failing to post its financial results within the reporting period.
The Star received a copy of the NSW regulator’s probe into its culture on Friday, the same day it was supposed to unveil its financial performance for the 12 months ending June 30.
Instead, it requested and was granted a trading halt by the ASX, as the contents of the report would influence its guidance outlook. The company was also in the midst of trying to secure a financial lifeline.
The halt was requested until today, Monday, September 2. When no results were released, the ASX suspended trading. The last sale, made last Thursday, was at 45 cents, giving the company a market value of $1.29 billion.
“The securities of [The Star] will be suspended from quotation from the commencement of trading today, Monday, September 2, for not lodging the relevant periodic report by the due date,” the ASX said in a statement on Monday.
Media reports stated that Star executives and advisors had been working since last week and over the weekend to secure assistance from governments and banks, and to find ways of accessing fresh capital after raising $1.5 billion in two issues in 2023, which was subsequently wasted.
This has damaged the company’s credibility with the stock market for the time being.
