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Representing about one-third of ordinary shares previously in existence, the issue brings the total number of ordinary shares to 32,914,982, of which 10,890,000 are non-voting.
In an announcement to the New Zealand Stock Exchange, the Blue Star board stated the reason for the issue was "to fully discharge an intra-group shareholder loan (including accrued interest) in accordance with loan arrangements entered into in September 2008.
"For clarity, this issue is not related to the commitment of further equity funding by the major shareholder of Blue Star Print Group Ltd's ultimate parent company (Sirius NZ Holdco Ltd) as announced on February 26, 2009."
The new shares were paid for in cash, ranking equally with all other ordinary shares.