Australia-listed casino operator Silver Heritage Group Ltd said in a Monday filing it would raise just over AUD530,000 (US$406,492) in cash, by issuing slightly more than 53 million new, ordinary fully-paid shares, at AUD0.01 apiece.
The securities are due to be issued on Wednesday (January 20). The company plans to use the funds for the “retirement of debt,” it said in the filing.
Silver Heritage developed the casino property Tiger Palace Resort Bhairahawa (pictured in a file photo), on Nepal’s border with India. It began gaming operations in December 2017.
Silver Heritage had announced in May that its main lender had appointed two people as receivers and managers of the company.
That move came after Silver Heritage said it was “insolvent” or “likely to become insolvent”, and appointed two representatives from professional services firm KPMG to be its administrators.
Monday’s filing by Silver Heritage said the new-share issuing exercise would be conducted in line with a resolution at Silver Heritage’s December 15 general meeting.
According to a November filing to the Philippine Stock Exchange by an information technology firm called DFNN Inc, a consolidation of Silver Heritage’s share capital was due to be conducted, and done on a “1 for 452 basis”.
DFNN – which said recently it had negotiated rights to a Philippine Inshore Gaming Operator or “PIGO” licence – is said to own 18.98 percent of HatchAsia Inc, a firm seeking to recapitalise Silver Heritage. Most of the new shares – amounting to just above 51.3 million shares – are to be issued to HartchAsia, in order to “facilitate the proposed restructure of the company,” Silver Heritage said in previous filings.
Monday’s announcement by Silver Heritage to the Australian Securities Exchange, stated that “following such consolidation and prior to the issue of the securities… Silver Heritage is anticipated to have 2,789,516 fully-paid ordinary shares on issue”.
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