Bruce Mathieson back shopping for Star Entertainment shares

Look who we’ve spotted kicking up dust on Star Entertainment’s register again.

Street Talk understands pubs billionaire Bruce Mathieson was the buyer behind a small parcel of Star shares that changed hands on Friday. Stockbroker Ord Minnett, which is partly owned by Mathieson, handled the trade.

At about 5 million shares, the parcel was worth about $3 million – or chump change for the Rich Lister. But it’s an interesting move, given Mathieson’s shopping comes only 2½ weeks after he refused to stump up cash for Star’s $750 million equity raise. Mathieson owned 9.97 per cent before Star’s September raise and would have been entitled to nearly 57 million shares under the rights issue – but not tipping in pushed him down to 6.35 per cent of the register.

It was a surprising play, given just four months prior the billionaire had utilised Star’s February raise to wedge himself in as Star’s largest shareholder. The family said it saw Star as a long-term investment, and set about putting together a refinancing of its own, as reported by Street Talk.

Sources said the Mathiesons’ boycott of the latest raising stemmed from the family’s preference that Star push ahead with their proposal – understood to be a convertible note deal – as opposed to raising from equity capital markets.